RCS&RDS, the telecom operator controlled by Oradeabusinessman Zoltan Teszari, managed to obtain two loans worth acumulated 368 million dollars (206 million dollars and 125 millioneuros respectively) from a group of banks, to refinance part of itsdebts and to have money for investments.
RCS, the most aggressive player on the telecom market, with over700 million dollars in annual turnover, was in great need of takingout these loans in order to go ahead. A group of banks includingING, UniCredit, Raiffeisen, RBS, BRD-SocGen and Fortis contributedto RCS's syndicated loans.
The company, which now has around nine million customers who payfor cable and satellite TV, Internet, fixed and mobile telephony,is heavily indebted and in constant need of bank funding. Teszarifirst started in the business world with an ice cream stand over 15years ago and went on to control a telecom group with operations inRomania, Hungary, Serbia, Italy, Spain, worth over one billiondollars.
For years and years RCS has constantly bought its rivals - fromneighbourhood networks to cable companies that operated in bigcities, and is currently about to conclude its biggest transaction,the acquisition of its main rival UPC. In order to do that, thecompany needs more than 300 million dollars, a loan that is beingdiscussed with the bankers. If he manages to buy UPC, Teszari willcreate a "monster" on the telecom market, with over 10 millionsubscriptions that will bring it nearly one billion dollars inrevenues per year.
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