MTC secures funding for Celtel deal

Kuwaiti mobile group MTC-Vodafone has signed a general syndication agreement for a new USD2.4 billion bridge facility which will be used to part-fund its purchase of pan-European wireless group Celtel International. The facility is fully underwritten by Barclays, CSFB, National Bank of Kuwait and UBS. Earlier this month MTC paid an initial USD2.84 billion for 85% of Celtel, with the remaining 15% to be purchased within two years for a further USD520 million.