HSBC arranges largest Private Sector ECA transaction for Etisalat

HSBC announced signing of a US$ 100 million facility supported by ONDD to Etisalat Lanka (Private) Ltd (ELPL), one of the largest mobile telecommunications companies in Sri Lanka.

ONDD is the Belgium Export Credit Agency (“ECA”). This transaction becomes the largest ECA transaction in the Sri Lankan private sector to date and the first ECA financing to ELPL.

HSBC acted as the Sole Arranger, Sole Lender and Facility Agent for the financing of ELPL's strategic 3G expansion program, including the supply of equipment by Alcatel-Lucent.

Parallel to the ECA transaction, a complementary USD 25 million commercial facility was arranged by HSBC, demonstrating the bank's capabilities and strong commitment to the development of the country and the telecommunication sector.

Commenting on this landmark transaction, Nick Nicolaou, Chief Executive Officer HSBC Sri Lanka and Maldives said, “Etisalat is a considerable force in the telecommunication industry in Sri Lanka, and we are pleased to have led this transaction to support their expansion plans and help facilitate advanced technological solutions to its growing customer base and the industry as a whole.”

Commenting on the ground breaking agreement, Etisalat Lanka CEO/Director, Dumindra Ratnayaka, said, “Etisalat strongly believes in the growth potential of Sri Lanka and we want to support the ongoing development by providing the latest in technology to the country.

The support received from ONDD and HSBC, is representative of the confidence both parties retain in the company.

“The strong partnership with HSBC, ONDD and Alcatel-Lucent will now enable us to offer the best in technology and services to our customers.”