Viva secures USD270m for network upgrades

Kuwait’s third largest telco in terms of subscribers Kuwait Telecom Company (Viva) and National Bank of Kuwait Group (NBK Group) signed a multi-currency financing agreement worth USD270 million on 17 June 2013 to fund Viva’s plans to expand in the Gulf state by upgrading its networks. According to the telco’s press release, the loan includes USD70 million five-year Islamic financing, supplied by NBK Group’s Boubyan Bank. As previously reported by TeleGeography’s CommsUpdate, Viva, which is part-owned by Saudi Telecom Company (STC), has been on the lookout to secure loans totalling USD400 million since October 2012. According to a report from the Gulf Times, Viva approached several lenders at the time to gauge interest.