Saudi Telecom Company’s investment, Oger Telecom, misses USD290mn payment on USD4.75bn loan
Otas, a special-purpose vehicle (SPV) owned by Oger Telecom, 35%-owned by Saudi Telecom Company (STC) [7010.SE], has missed a USD290mn (SAR1.1bn) payment on a USD4.75bn (SAR17.8bn) syndicated-loan, which it had received in May 2013 from 29 banks, according to unnamed sources. Otas, sought an extension for the USD290mn payment from its lenders until end of October. Saudi Telecom Company: SAR54.52 as of 12 October 2016, Rating: Neutral, FV: SAR68.29 per share, MCap: USD29,077mn, STC AB / 7010.SE
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