May 27, 2012
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Türk Telekom secures $300 million loan from Akbank
6 March 2010 / TODAY'S ZAMAN, İSTANBUL
Turkey’s telecommunication giant Türk Telekom announced on Friday that it has secured a $300 million loan from Akbank.
In a written statement released through the Public Disclosure Platform (KAP) of the İstanbul Stock Exchange (İMKB), Türk Telekom said the funds received would be repaid over the next five years. According to the schedule, interest payments will be made biannually while payment on the principal will start only one-and-a-half years after the loan is received. Principal payments will also be made biannually, the statement said. The loan will be extended at an interest rate equal to the London Interbank Offered Rate (LIBOR) plus 3.1 percent, the company stated.
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