FT signs up to five-year EUR6bn credit facility

28 Jan 2011

France Telecom (FT) yesterday concluded a five-year EUR6 billion (USD8.2 billion) syndicated revolving credit facility with 28 international banking groups to refinance its existing facility, Dow Jones writes. It is understood the new facility will enable FT to extend the maturity of the telco’s primary existing undrawn credit line from June 2012 to January 2016, while simultaneously obtaining ‘competitive conditions’, including an initial margin of 0.4% per annum. Further, the credit allowed under the new provision is lower than the EUR8 billion facility signed in 2005, reflecting FT’s efforts to deleverage in recent years.

France, Orange Group