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Qtel to secure $1bn loan: banking sources

Qatari telco will use loan facility to help finance general business operations

Qtel to secure $1bn loan: banking sources
QTel has made a number of deals in recent months to increase its holdings in affiliates.

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.

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