Aircel will raise $1.1 billion from six international banks

Aircel is likely to secure about $1.1 billion from six international banks, including China Development Bank (CDB), Nordic Investment Bank and Swedbank AB. CDB will be providing about $700 million, while Nordic Investment Bank will lend $100 million.

Further, the company is planning to raise Rs 140 billion from 12 Indian banks, including the State Bank of India, Canara Bank, L&T Infrastructure Finance Company Limited, Syndicate Bank and Bank of Baroda.

Some part of the proceeds from the loan will be used to refinance the Rs 200 billion debt of the telecom operator. Aircel?s debt is largely due to the acquisition of 3G and 4G spectrum in 2010.