5 Mar 2009
Qatar Telecom (Qtel) says that a new USD1.5 billion credit facility, which it intends to extend to USD2 billion, will give it ‘enhanced capacity to continue executing its strategic vision to become one of the top 20 telecommunication companies by 2020’. Qtel Group CEO Dr Marafih said: ‘Qtel is sailing on a clearly charted path to become one of the world’s leading telecommunication companies, and the facility will provide us with the financial flexibility necessary to achieve our long-term goals and ambitions…This achievement marks the largest financing for any corporate in the Middle East and North Africa region and one of the largest in the world.’ Qtel has secured a USD1.5 billion ‘forward start revolving credit facility’ to refinance an existing loan due to mature in November this year. Lead arrangers and bookrunners were Bank of Tokyo-Misubishi UFJ, Barclays Capital, BNP Paribas, DBS and Royal Bank of Scotland, according to Reuters. General syndication will be used to raise an additional USD500 million loan amount.