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Ericsson borrows from European Investment Bank

Thursday, 11 October 2012
Ericsson (NASDAQ:ERIC) today announced that it has signed a loan agreement with the European Investment Bank (EIB).

The Swedish telecommunications provider, Ericsson takes a new loan from the European Investment Bank for develop of new technology for next generation mobile broadband, according to a statement from the company.

The loan amount is EUR 500 million (or the equivalent in USD), and Ericsson has an option for disbursement until April 2014. The loan will mature seven years after disbursement, the company writes in a statement.

The loan will supports Ericsson's R&D activities to further develop the next generation radio and IP technology that supports mobile broadband build-out globally.
The financing is targeted for development activities at sites in Sweden and Finland. The loan will extend the debt maturity profile and will further diversify funding sources, without an increase in gross debt.

Johan Wibergh, Head of Business Unit Networks at Ericsson, says: "We are using new smart devices and apps in new ways and need them to function well all the time everywhere..." Detail of the press release could be found here
by Scancomark.com Team

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