UAE operator raised $1.35bn more than originally targeted
UAE telecommunications operator Emirates Telecommunications Corporation (Etisalat) has issued a bond of $4.3bn.
The notes have been issued in tranches of 2.4bn ($3.3bn) and $1bn, with the euro-denominated notes maturing in 2021 (1.2bn) and 2026 (1.2bn). The dollar-denominated notes will mature in 2019 ($500m) and 2024 ($500m).
The issue proceeds, approximately 1bn higher than originally targeted by the company, are being used to refinance existing loans to fund the acquisition of [a 53 per cent stake in] Maroc Telecom. This will improve Etisalats debt maturity profile given the fairly short tenor of these existing loans, according to Fitch Ratings, which gave the bond an A+ rating.
The Abu Dhabi Securities Exchange-listed company also signed a syndicated loan worth about 3.2bn to finance the transaction at the end of April.
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