Turkcell Signs an Long-term Financing MoU with China Development Bank

Turkcell (NYSE:TKC) (BIST:TCELL) is preparing financing for its strategic focus areas and next-generation technology investments, following the company´s recent announcement of 3-year targets in London, the company said.

Meanwhile, the stabilizing macro-economic environment in Turkey continues to support Turkcell´s long-term strategy, and thanks to its prudent financial management the company continues to attract international investors and financial institutions.

The company has today signed a Memorandum of Understanding in relation to an 8-year term loan of 500 million Euros with China Development Bank. Supported by growing demand from corporate and retail customers, the new loan will be used to finance the procurement of hardware and equipment from Chinese vendors. The door-to-door tenor of the loan facility will be 8 years, of which the first 3 years will be an availability (and grace) period. The parties have already begun work on the structuring and execution of the loan agreement.