Qtel increases loan facility to USD2bn

Qatar Telecom (Qtel) says its syndicated credit facility of USD1.5 billion has been increased to USD2 billion, according to a report by Maktoob Business. ‘Despite the current difficult global credit environment, the facility [was] more than 100% oversubscribed,’ Qtel said in a statement, adding that ‘in response to the substantial demand from investors for Qtel’s credit, the company elected to increase the final facility size to USD2 billion.’ Qtel’s existing USD2 billion debt matures in November 2009.