Telefonica Gets ECA Funds for Network

Spain’s Telefonica has secured a $472m 9-year credit facility from Swedish ECAs to help it finance its European and LatAm 2G and 3G networks. The loan is priced at an undisclosed fixed rate and matures in 2019. Sweden’s export credit and export insurance arms SEK and EKN are providing funds and guarantees, while Citi and Deutsche Bank are the commercial lenders of record.