Qtel has increased the size of its $1.5bn loan to $2bn as a result of a strong response from banks during general syndication.
A group of eight banks joined the deal during the first phase of syndication in March, but a wider syndication was delayed until August as the firm went to the capital markets in June to raise a $1.5bn bond. The loan should now be completed by the end of September, according to bankers close to the deal.
The deal is structured as a forward-start facility, where a borrower confirms the terms of a loan it will use at a future date. For Qatar Telecom, the loan will begin in November when an existing $2bn loan matures.
Banks which joined the deal include UK’s Barclays Capital and Royal Bank of Scotland, France’s BNP Paribas, Singapore’s DBS Bank and Japan’s Mitsubishi UFJ, Qatar National Bank and Bahrain’s Gulf International Bank.