Vietnam Post and Telecommunication Group (VNPT) hired BNP Paribas SA and Natixis to consult in borrowing a loan of $300 million from foreign banks, according to Bloomberg yesterday.
VNPT proposed not to name the ambitious plan because the plan is in discussions stage. The group is seeking a five year loan with an acceptable lending rate higher three percentage points than Libor interest rate, a source said.
Statistics showed that Libor interest rate of three month US dollar loans is 5.36 percent on June 1, 2007.
Bui Quoc Viet, spokesman of VNPT rejected the confirmation on the loan because the discussions just are started.
Lately, prime minister Nguyen Tan Dung assigned VNPT to be the investor of VINASAT-2 project worth $290-350 million. The project is expected to complete by 2012. However, according to Bloomberg, the $300 million loan will be for expanding VNPT's telecom network.
Earlier, Euroweek global capital market magazine on January 5 posted, VNPT would publicise the $300 million loan in next week. This will be the latest signal showing that Vietnamese firms are returning the international debt market.
Last December, Electricity of Vietnam (EVN) called the help of seven banks to seek a $400 million loan in 13 years for financial strength expansion. And PetroVietnam signed a deal of borrowing a $250 million loan from Standard Chartered Plc.
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