Omnitel connects to $1bn loan

Omnitel connects to $1bn loan

Financial advisers to Italian cellular phone company Omnitel will today announce that the company's $1.1bn syndicated loan has been oversubscribed, with a substantial share placed with foreign investors, including UK institutions. The financing will underwrite the roll-out of Omnitel's network, which will compete with the state telephone company Telecom Italia. Company executives declined to comment on the financing deal, saying that lead banks - including JP Morgan, Chase Manhattan, UBS and Societe Generale - would make an announcement today.