Iusacell unit completes loan restructuring

By Caroline Salls

Pittsburgh, July 14 - Grupo Iusacell, SA de CV subsidiary Iusacell Infraestructura SA de CV completed the successful restructuring of two bank loans by signing corresponding restructuring documentation on July 10, according to a company news release.

Before the restructuring, Iusacell Infraestructura owed $26.6 million to BNP Paribas (Oslo Branch) consisting of a $23.2 million senior amortizing term facility guaranteed by the Export Import Bank of Norway and due in 2007 and a $3.4 million refaccionario loan due in 2004.

The guaranteed facility has a new principal amount of $20.3 million, consisting of two tranches that bear interest at the Libor plus 250 basis points. Tranche A is for $17.4 million and is due in 2010 and tranche B is for $2.9 million and is due in 2011.

The refaccionario loan has a new principal amount of $3 million, consisting of two tranches that bear interest at Libor plus 350 basis points. Tranche A is for $2.6 million and is due in 2009, and tranche B is for $0.4 million and is due in 2011.

"Iusacell will continue to take firm steps to restructure its operations and guarantee the continuity of the company," chief executive officer Gustavo Guzman said in the release.

"We expect all of this to benefit our clients and the development of the telecommunications industry of our country."

Iusacell is a Mexico City cell phone company.

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