EuroTel nets $100 m syndicated loan

EuroTel, a cellular phone provider located in Bratislava, signed a contract for a syndicated loan worth $100 million (3.3 billion Sk) in mid February, company officials announced. The 18-month loan with an interest of LIBOR + 0.25 percent was arranged by Citibank International and Bank of America International. The loan's original amount of $80 million was increased due to investors' interest, EuroTel officials said. The funds will be used to finance investments into the GSM mobile phone net. EuroTel is a joint venture of the state-run Slovak Telecom (60 percent) and the American consortium Atlantic West.