Banks to lend up to $4 billion loan for Turk Telekom stake: sources | Reuters:
Creditor banks will extend a loan of up to $4 billion to the special purpose vehicle (SPV) they are creating to take over 55 percent of Turk Telekom as part of debt restructuring talks, two sources close to the matter told Reuters. The majority stake will be used as collateral for the loan, according to the sources, who asked not to be named because the information is confidential. “A $3 billion to $4 billion loan will be extended to this special purpose vehicle and banks will take the 55 percent stake as collateral,” one of the sources said, adding that the plan is to complete the process in the third quarter.
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