LONDON – Telecoms provider Ojer Telekomunikasyon has launched Turkey's biggest loan in at least five years seeking 3.18 billion pounds ($4.75 billion) in the international market, bankers close to the deal said. It will refinance a $4.3 billion deal from August 2007 which was heavily oversubscribed and saw the company lower the interest rate to 240 basis points (bps) from 275 bps. Pricing on its new loan is expected to be higher. "It is interesting and unusual for this market, but given the amount of appetite that we have seen everywhere else in Central and Eastern Europe, I will not be surprised that it gets done," one banker said. Ojer Telekomunikasyon was not immediately available to comment. The six mandated lead arrangers and bookrunners that have underwritten the refinancing are Akbank, BNP Paribas, Citi, Deutsche Bank, Garanti and JP Morgan, bankers said. The deal is split between three tranches and a $1 billion bridge loan. Tranche A is $500 million, a five-year deal, tranche B is $3 billion, an 8-year deal, and tranche C is a $250 million, 8-year revolving credit facility. The telecom has requested top tickets of $50 million, a second banker said. Ojer specializes in fixed-line and mobile communications across Turkey. It is a subsidiary of Dubai-based Oger Telecom, in which Saudi Telecom holds a 35 percent stake. — Reuters
