Etisalat seeking $2bn loan facility
Reuters: Etisalat looking for new funding ahead of expected squeeze
Etisalat is reportedly talking to banks to secure a $2bn loan, according to Reuters.
The news agency reported that sources familiar with the matter said that the UAE telco is looking for funding as the availability of finance from Gulf loan markets contracts.
Etisalat is looking to close the loan in the first quarter, according to sources, before a likely rise in US interest rates and squeeze on local capital due to weakened oil prices.
Sources said that any loan will be structured as a revolving credit facility, and would be classified as a stand-by facility, meaning Etisalat could ask for lower pricing as further fees would be levied if the cash is utilised.
Etisalat did not comment on Reuters report.