Qtel has completed a $2bn syndicated loan it launched in March. It also increased the loan from $1.5bn in September.
The company announced it completed the loan on 29 September. The UK’s Barclay’s Capital and Royal Bank of Scotland, France’s BNP Paribas, Singapore’s DBS Bank, Japan’s Mitsubishi UFJ, and Qatar National Bank acted as arrangers on the deal.
Other banks involved in the deal are Doha Bank, International Bank of Qatar, the US’ JP Morgan and Citigroup, Jordan’s Arab Bank and Housing Bank for Trade & Finance, France’s Calyon, and Bahrain’s Gulf International Bank.
Since announcing its intention to make the loan, Qtel also completed a $1.5bn bond in June.
The syndicated loan refinances an existing $2bn deal that matures in November. The new loan pays a margin of 250 basis points over the London interbank offered rate (Libor).
The state-owned telecoms operator has structured its new debt as a forward-start loan and means the borrower confirms the terms of a loan it will use at a future date.