mmO2 Secures Cash for 3G Networks

date: September 18, 2001

mmO2 has signed a loan totalling £3.5 billion from mandated lead arrangers to pay for its costly 3G networks in the UK, Germany and the Netherlands.

The facility is split into two tranches; a £1.75 billion, 364 day revolving credit facility with one year term-out option and a £1.75 billion, five year revolving credit facility. The facility will be available to mmO2 and other subsidiaries of the mmO2 group to fund business development and for general corporate needs. It is expected that a significant portion of the facility will be refinanced through possible capital markets issuances or other forms of long term financing.

mmO2 and the mandated lead arrangers plan to syndicate the five year revolving credit facility to a small group of selected banks to participate in the facility. Barclays Capital and Citigroup will act as bookrunners for the syndication of the facility which is expected to commence shortly. The Royal Bank of Scotland is facility agent and Deutsche Bank is documentation agent.

mmO2 has established relationships with suppliers of high quality data devices and applications such as the RIM Blackberry, a mobile email device, and the Connected SME Portal which allows access to key office functions via a mobile handset. Through Genie, its mobile internet business, and through innovations at BT Cellnet and its other ventures, mmO2 has built a strong presence in mobile data. In addition, its 3G test bed in the Isle of Man will give early visibility of how customers will react to 3G technology and applications.

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