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For Immediate Release

H3G SpA agrees to 3,200 million Euro underwriting with banks
First fully funded 3G financing

(Milan, 14 January 2002) H3G SpA ("H3G"), today announced its agreement with an 11 bank underwriting group mandating them to provide 3,200 million Euro non-recourse and limited recourse financing for the development of its 3G telecommunications network in Italy.

Major equipment vendors are to provide an additional 1,000 million Euro of non-recourse financing, on substantially the same terms as the non-recourse portion of the bank financing.

The Senior Credit Facility is underwritten by a group of institutions with an extensive presence in the European and Asian markets and includes, ABN AMRO Bank N.V., Banca Antoniana Popolare Veneta, Crdit Agricole Indosuez, the Development Bank of Singapore, Deutsche Bank, HSBC, Intesa BCI, JPMorgan, The Royal Bank of Scotland, SG Investment Banking and WestLB (the "Mandated Lead Arrangers"). The Mandated Lead Arrangers may subsequently be joined by other institutions at the same level of underwriting.

The Senior Credit Facility has a tenor of 9.75 years and has two tranches: one is a non-recourse credit facility of 1,000 million Euro. The second is a 2,200 million Euro facility with recourse to Hutchison Whampoa Limited, with the recourse rights to fall away once H3G achieves agreed operating and financial performance thresholds. The Mandated Lead Arrangers will commence syndication of this Facility in January to the bank markets in Italy, Europe and Asia, and the definitive documentation is expected to be entered into soon after.

Vincenzo Novari, CEO of H3G said "We are very pleased with the successful underwriting of our bank financing, especially given the current market conditions. It clearly demonstrates the strong commitment of the Mandated Lead Arrangers, shareholders and vendors. We look forward to a successful syndication and rapid financial close. We believe being the first 3G company in Europe to have ensured availability of all our funding requirements for the next ten years provides us with a significant competitive advantage."

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For enquiries, please contact:

H3G SpAHutchison Whampoa Limited
Mr GianMarco LitricoMs Nora Yong
Tel: (39) 02 520 39310Tel: (852) 2128 1363
Fax: (39) 02 520 39737Fax: (852) 2128 1766
Email: gianmarco.litrico@h3g.itEmail:
Ms Carlotta Rossi-Spencer
Tel: (39) 02 520 39309
Fax: (39) 02 520 39737

Notes to Editors


H3G SpA ("H3G") holds 35 Mhz of spectrum from the UMTS auction held by the Italian government in October 2000. This is one of two of the largest spectrum licences auctioned in Italy as new entrants were offered more spectrum than incumbents.

3G is a convergence of mobile, telephony and information systems which promises to change people's lives by enabling them to access information when, where and how they want. The 3G standard being adopted most widely in Europe, Japan, China, and the rest of Asia is known as UMTS (Universal Mobile Telecommunications System). It represents a global standard for third generation mobile communication systems and is at the heart of the H3G initiative.

Hutchison Whampoa Limited holds an 88.2% stake in H3G. The shareholders injected 3,253 million Euro of equity and shareholder loans into H3G to pay for the Italy UMTS licence awarded in December 2000.