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TIW to amend credit facility

MONTREAL-Negotiations are underway for Telesystem International Wireless Inc. (TIW) to amend its senior secured revolving credit facility, which expires in July.

The aggregate borrowing capacity of the corporate facility is approximately $128 million, of which $58.5 million has been drawn. TIW denied rumors that it is in default of any covenants of its credit facilities.

The bank syndicate did not fund TIW’s March 21 attempt to draw an additional $47.5 million to secure the future availability of funds, but it did indicate willingness to negotiate certain terms and conditions of the facility. The company said it met all conditions and requirements of the facility when it gave the notice to draw.

As of March 31, TIW held cash and cash equivalents of $171.8 million at the corporate level.

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