NEW YORK-Swedish company Tele2 AB said its Swedish UMTS venture, Svenska UMTS-Nat, reached an agreement with a banking consortium to downsize its loan facility from nearly $1.4 billion to $872 million. The reduction was achieved through cutting infrastructure costs by using new technology, Tele2 said.
The facility is available to Dec. 31, 2006.
Svenska is owned 50 percent by Tele2 and 50 percent by TeliaSonera. Both companies have current-generation Swedish mobile networks, but only Tele2 received a UMTS license from Swedish government. Telia then partnered with Tele2 for UMTS services under the Svenska UMTS-Nat joint venture.
The banks in the consortium are Svenska Handelsbanken, Nordea Bank Sweden, Swedbank, ABN Amro Bank NV, Credit Agricole Indosuez and Skandinaviska Enskilda Banken.
