PKO BP lines up zl.1.1 billion loan for Telefonia Lokalna
Copper concern KGHM looks set to announce that it has reached an understandi
ng with a banking consortium headed by PKO BP on a long-term loan for its te
lecoms operation, Telefonia Lokalna (TL). The zl.1.1 billion credit will be
used by TL, Poland's second largest fixed-line telecoms operator, to restruc
ture its debts. According to unofficial sources quoted by Puls Biznesu, the
decision regarding the loan provision will be announced at the beginning of
December. Both an zl.800 million credit and zl.300 million in bonds are due
for repayment by TL on December 28. Although no official information has yet
been disclosed about which banks will join PKO BP in the consortium, reports
suggest that the likely partners are Pekao SA, BGZ, PBK and BPH. Andrzej Luc
jan, an analyst with BM BPH, supports the debt restructuring, but suggests t
hat it will not have a significant impact on TL's financial results. (Puls B
iznesu, p. 4) M.T.K.
