BNP Paribas has been appointed sole mandated lead arranger on a $1,000 million revolving credit facility for the local Wataniya Telecom . The tenor is three years with a two-year optional extension.

Senior level syndication is due to be launched in November, aimed primarily at relationship banks of Kuwait Projects Company (Kipco) , Wataniya’s main shareholder. The funds will be used both for general corporate purposes and for regional expansion (MEED 20:10:06).

The Kuwaiti operator is

one of several Gulf telecoms companies seeking to secure war chests as expansion opportunities approach. A murabaha for local competitor MTC is nearing syndication, Qatar National Bank is doing

preliminary work on a Qatar Telecom (Q-Tel) borrowing and Bahrain Telecommunications Company (Batelco) is close

to mandating lead arrangers for a large loan.