Bangladeshi cellco Pacific Bangladesh Telecom Limited (PBTL) has arranged a USD61 million syndicated loan to invest in the expansion of its CDMA-based mobile network. Citigroup arranged the international agency-backed and local currency syndicated financing, whilst Pubali Bank and Prime Bank acted as co-arrangers for the local currency financing, and IDCOL co-arranged the international part of the loan. 17 other domestic and international banks participated in the transaction. According to TeleGeography’s GlobalComms database, PBTL, which uses the brand name CityCell, had 686,000 subscribers at the end of June 2006, up from 318,000 a year before, with a market share of 4.5%. Its fortunes have been on the up since Singapore Telecommunications (SingTel) bought a 45% stake in the company in June 2005, providing the investment to boost its previously stagnating subscriber base and roll out CDMA2000 1x infrastructure.
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