Saudi Telecom said to improve offer on Turkish unit’s loan

Saudi Telecom Co. (STC) has improved its offer to banks on a $4.75 billion loan for the Turkish unit, Oger Telecom, which failed to pay two installments on the debt, Bloomberg has reported, citing unnamed sources.
 

STC offered to reduce the loss banks will have to take on the outstanding loan, and banks are now considering whether to accept the deal.

Saudi Telecom was unavailable for comment when contacted by Argaam.

Lenders previously rejected an earlier offer from STC in February because it involved a loss of more than $1 billion on the loan’s principal.

Oger Telecom, which is 35 percent owned by Saudi Telecom, struggled to make dollar-denominated loan payments after the lira’s slump cut the converted value of Turk Telekom’s local- currency dividends.