Cotas settles supplier debt with US$15mn CAF loan
Bnamericas Published: Saturday, November 15, 2003
Bolivian local telephony cooperative Cotas will pay off debts with its main supplier using a US$15mn loan from the Andean Development Corporation (CAF) and private sector loans, the bank said Friday. CAF's six-year loan has a one-year grace period and combined with US$20mn already secured from local banks allows Cotas to pay off a US$35.3mn debt with the Brazilian division of Japanese equipment supplier NEC (Nasdaq: NIPNY). The new loans reduce the average interest rate paid by Cotas to 8% a year, compared to 10.45% being paid to NEC. Cotas had already renegotiated the debts with NEC, reducing the overall total to US$35.3mn from the original figure of US$55mn. Cotas is now free to move ahead with a seven-year investment program. The company has 180,776 lines installed and 133,045 lines in service.
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