MobileOne (M1) says it has entered into a three-year term loan facility with CIMB Bank Berhad, Singapore Branch, for $125 million and a three-year term loan facility with Oversea-Chinese Banking Corporation Limited, for up to $125 million.

The company intends to use the full amount of the loans to refinance its existing credit facility of $250 million which matures in May 2010.

M1 says th above arrangements will have no material impact on the earnings per share or the net tangible assets of the company for the current financial year.