TORONTO-Shares of Telesystem International Wireless (TIW) rose Wednesday after the wireless phone network operator announced its Romanian subsidiary MobiFon had closed US$300 million in loans to repay existing debts and fund new growth (see related news under “Europe”).
TIW stock gained 13 Canadian cents, or 46 percent, to 40 Canadian cents on the Toronto Stock Exchange. This month, the company’s shares fell to a record low of 22 Canadian cents, plunging from its 52-week high of C$3.90 (US$2.50) under growing concern over its second-quarter loss and heavy debt load.
The company reported that MobiFon had closed a six-year US$230 million loan, arranged by the European Bank for Reconstruction and Development, as well as two parallel loans of US$35 million from Export Development Canada and Nordic Investment Bank.
TIW registered a C$89.76 million (US$57.5 million) loss in the second quarter and has a C$74 million (US$47.4 million) bank loan due in December.
