| Alcatel-Lucent forms strategic relationship with Belgium’s ONDD |
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06/11/2009 16:23 (14 Day 20:09 minutes ago) | |||||
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The FINANCIAL -- Alcatel-Lucent (Euronext Paris and NYSE: ALU) announced on November 6 it had signed an agreement with the Belgian public export credit insurer (ONDD) to support the export business of Alcatel-Lucent worldwide.
Under this agreement ONDD will provide insurance for third party financing for the purchase of Alcatel-Lucent telecommunications equipment by service providers worldwide.
“This agreement demonstrates ONDD's commitment to supporting Alcatel-Lucent export transactions worldwide, in recognition and support of the critical role Alcatel-Lucent ’s Belgian operations play as a centre of expertise in R&D, export and project management for the company. This is an important milestone in our ongoing long lasting relationship with Alcatel-Lucent ,” said Stefaan Van Boxstael, Deputy Head of Underwriting from ONDD. “This agreement with ONDD allows Alcatel-Lucent to provide financing to its customers for contracts with sourcing on a global level involving technologies in the fields of optics, access, mobile, IP and applications and creates new ways for Alcatel-Lucent to meet customer requirements for worldwide sourcing.”
As a first result of this agreement, Société Générale Corporate & Investment Banking has arranged an ONDD-backed loan facility in favour of Turk Telekom, to finance various contracts between Turk Telekom and Alcatel-Lucent for a global amount of EUR 46 million. In line with Organization of Economic Co-operation and Development (OECD) regulations, part of the local services was also integrated in this financing.
The loan facility could be extended to support additional new contracts between Turk Telekom and Alcatel-Lucent . The buyer’s credit will be applied to the full foreign portion, on a global level, of contracts concluded between Alcatel-Lucent Teletas (Turkey) and Turk Telekom for technologies sourced from different Alcatel-Lucent entities around the world.
“Our overall agreement with ONDD, as demonstrated by this first transaction with Turk Telekom, provides a powerful tool for Alcatel-Lucent to help its customers meet their financing needs,” said Paul Tufano Alcatel-Lucent ’s CFO. “A number of other new opportunities have already been identified, and our agreement with ONDD will provide Alcatel-Lucent with further flexibility regarding its project financing needs around the world.”
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