Qtel secures $2 billion loan

Qtel secures $2 billion loan for new financing for further growth and expansion, refinancing existing

Tags: FinanceQatarQatar Telecom
  • E-Mail
Qtel secures $2 billion loan Al-Thani said the loan would help Qtel achieve its ambitious growth targets.
By  Roger Field Published  October 1, 2009

Qtel, Qatar's incumbent telecom operator, has secured a $2 billion loan to refinance existing debt and fund further growth and expansion.

The deal follows on from the general syndication phase of a $1.5 billion loan facility that was closed in March 2009.

"The general syndication, which was launched at $1.5 billion, was to provide existing and new lenders to Qtel an opportunity to join the facility. The facility was oversubscribed by more than 100% and the final facility size was increased to US$ 2 billion," the company said in a statement.

The loan, which is backed by existing lenders and a number of new banks, refinances Qtel's existing $2 billion three-year revolving credit facility, which it signed in November 2006.

His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Qtel, said the loan facility marked "another important step" on the company's plan to become one of the world's top telecoms companies.

"The support of our partners in the global financial community and the extent to which this facility was oversubscribed, in spite of the challenges of the current economic climate, reflects both the depth of our professional relationship, and the strength of their belief in our vision for this company," he said.

Qtel Group is present in 17 countries, with established operations in Kuwait and Oman, and more recently launched operations in Indonesia, Iraq, Algeria, and Tunisia.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code