MONTREAL – Canadian telecommunications company Intercable has lined up a temporary overdraft bridge facility of two million Euros (approximately $2.75 million) for its subsidiary Intercable Africa Ltd. (ICA).
Repayable on May 31, 2010, ICA has already received its first drawdown of 500,000 Euros (approximately $687,000). A second drawdown of 1,500,00 Euros (approximately $2,061,000) is anticipated to be received prior to the end of April upon completion of certain conditions, including the finalization of a first ranking priority on certain assets of ICA, no adverse material changes with respect to the operations of ICA and other standard conditions for this type of loan.
The bridge facility will allow ICA and Intercable to pursue their operations until May 31, 2010 and discussions with investor groups in the context of a long or medium-term financing, the company said Friday in a statement.
Intercable focuses on international underserved telecommunications and cable markets. By building and operating its own broadband networks, the Montreal-based company offers cable television, high-speed Internet and telephony services.
