Qtel to secure $1bn loan: banking sources
Qatari telco will use loan facility to help finance general business operations
Qatar Telecom (QTel) is on the verge of securing a $1bn loan facility to finance general operations, Reuters reported today.
Citing three banking sources, the news agency said more than a dozen banks have pledged backing for the loan, which has a margin below 100 basis points. The sources said the deal was undergoing documentation and would be signed once all lenders had completed the process.
QTel, part-owned by the Government of Qatar, has spent recent months increasing its holdings in affiliate companies, such as Iraq-based Asiacell, Kuwait's Wataniya and Tunisia's Tunisiana.
The company is reportedly also competing for Vivendi's 53% stake in Maroc Telecom.