America Movil Secures ECA Funds

America Movil has wrapped up $1.5bn in ECA financing through Citi to build out its 3G and GSM networks throughout LatAm. Citi says the package includes a €500m loan insured by Finnish ECA Finnvera and 2 facilities insured by Exportkreditnamnden (EKN), the Swedish export credit agency, consisting of a €300m floating rate loan and a $471.5m fixed rate loan through AB Svensk Exportkredit. All 3 loans are long term credits, with final maturity in 2016 or later. In addition, DekaBank Girozentrale also participated in the financing, says Citi. The Finnvera loan signed in early November, the EKN floater mid-December, and the EKN deal in March. “This financing enables us to continue with the rollout of our investment plans to strengthen our 3G and GSM networks in Latin America,” says America Movil CFO Carlos Garcia Moreno. “This is essential to advance our growth plans in the region and consolidate our position as the leading wireless services provider in Latin America and the fourth largest in the world in terms of equity subscribers.” Milbank, Tweed was the lawyer on the financing.