Jio to secure upto $2 billion in offshore loans to finance its 5G plans
By MYBRANDBOOK
Jio Infocomm plans to borrow up to $2 billion from foreign lenders, with BNP Paribas serving as the principal arranger, in order to pay Ericsson for its 5G network equipment. According to the sources, BNP Paribas will give the telecom company $1.9 billion to $2 billion over a nine-month period so that it may repay Ericsson, BNP, and a few other banks. The money will be raised through a discounted procedure, and over the course of nine months, the implicit interest rate will be calculated.
The report neither mentioned the individual amounts that Jio will pay back to Ericsson, BNP and other entities in the loan deal nor clarified whether BNP was acting on behalf of a consortium. Ericsson in October last year said that its 5G Radio Access Network (RAN) products and solutions will be deployed in Jio's 5G rollout in India.
Jio had tied up with Swedish export credit agency EKN for a $2.2 billion funding to finance the equipment and services for the 5G plan, the Indian conglomerate said in its latest annual report. The $2.2 billion cover from EKN will likely reduce Jio's overall 5G gear funding costs as global lenders and 5G equipment suppliers involved in such a large deal will be more comfortable. Jio has been in loan talks to help finance its 5G rollout, including reports of signing a deal with Nokia for $1.7 billion.
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