VTR obtains US$127mn in local financing for mobile network

Monday, May 16, 2011

Chilean cable-based triple play provider VTR, a unit of Liberty Global (Nasdaq: LBTYA), has obtained a credit for 60bn pesos (US$127mn) with local banks led by BCI to help finance the buildout of its mobile network, the company said in a statement.

Additional resources for the mobile network will come from foreign financiers and capital injection from shareholders.

The loan matures in nine months.

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VTR president Mauricio Ramos said the company was making every effort to innovate with its network, trying to keep to a minimum the number of towers it has to construct so as to minimize the impact on local communities and also preparing to introduce new products and services. Earlier this month it signed a national roaming agreement with compatriot operator Movistar, to share mobile networks in various parts of the country.

In September 2009, digital trunking operator Nextel and VTR won spectrum in the 1,700/2,100MHz bands and are due to roll out mobile services later this year.