CDB provides $375 million loan to Nextel Mexico for 3G Network

Funder	China (People's Republic of)
Recipient Organization	Mexico
Country	Mexico
Start Date	Sep 05, 2011
End Date	May 19, 2030
Duration	6,831 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`41246`

Grant Description

CDB provides $375 million loan to Nextel Mexico for 3G Network On July 27, 2011, NII Holdings announced that its operating subsidiary, Nextel Mexico entered into a U.S. dollar-denominated loan agreement with China Development Bank (CDB), under which Nextel Mexico is entitled to borrow up to 375 million USD to finance infrastructure equipment and certain other costs related to the deployment of its WCDMA network in Mexico.

Assets purchased using the amounts borrowed under Nextel Mexico's equipment financing facility were pledged as collateral.

As of December 31, 2013, Nextel Mexico had borrowed $300.8 million from CDB and $74.2 million of the loan proceeds remained undisbursed.

📋 Loan / Grant Terms

💰 Loan Amounthas a floating interest rate based on LIBOR plus 2

The average 6 Month USD LIBOR rate from July 2011 (when the financing agreement was signed) was .414%. The interest rate recorded is .414% + 2.80% = 3.214%. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.