Several international banks have inked a deal to lend Vodafone Hutchison Australia $3.5 billion ahead of its launch of a 4G network.
The AFR has reported Vodafone will need to use a large chunk of the cash to pay maturing debt, renew spectrum licences and cover another financial loss this year.
It also reported Australian banks CBA and ANZ lent some of the money to Vodafone, which put pen to paper in Honk Kong last week.
The loan will be split into two tranches, each one backed by Vodafone’s major shareholders Vodafone Group Plc and Hong Kong’s Hutchison Whampoa.
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