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Monday 17 May, 2010

Qatar Telecom

Qtel's Credit Facility oversu

RNS Number : 0503M
Qatar Telecom (Q-Tel) Q.S.C.
17 May 2010


Huge Success: Qtel's Credit Facility oversubscribed by 157 Percent



Doha, Qatar, 17 May 2010: Qatar Telecom (Qtel) Q.S.C. ("Qtel" or "the Company") (EPIC: QTEL.QA) is pleased to announce the successful closing of the General Syndication of its new USD 2 billion dual tranche revolving credit facility. In the General Syndication Phase 17 additional banks joined with commitments of US$ 1.11 billion. The total subscribed amount of USD 3.86 billion substantially exceeded the original target of US$ 1.5 billion.


His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman, Qtel, said: "We are delighted about the huge success of our loan facility that has attracted such a strong response from investors across Qatar, The Middle East and internationally. An oversubscription of more than 150% of the original target demonstrates the appeal of Qtel to the financial community."


Dr. Nasser Marafih, CEO, Qtel, commented: "We very much appreciate the continued strong support of our core relationship banks that have remained very committed in their support in these volatile market conditions. Our strategy to access the global banking community while maintaining a close relationship with our local and regional banks will be the basis for future expansion in line with our goal to become a Top 20 global telecommunication company by 2020."


Ali Sharif Al Emadi, Group CEO of Qatar National Bank (QNB), said: "We are very proud to have contributed to the success of this syndicated credit facility.  Our role as Initial Mandated Lead Arranger, Bookrunner and General Financial Adviser to Qtel is a clear reflection of the confidence and trust placed on QNB's credit standing and local and regional market leadership in syndications and advisory services.  Qtel's overwhelming success with this international loan transaction is of even more significant given the current economic conditions, underscoring the company's leadership and solid financial position".


The facility was arranged by the following banks: BNP Paribas, DBS Bank Ltd., Qatar National Bank S.A.Q., Societe Generale Corporate & Investment Banking and The Royal Bank of Scotland plc (together the "Bookrunners"). Qatar National Bank acted as the General Financial Adviser to Qtel.


The facility will be used for general corporate purposes including the refinancing of an existing US$ 2.0 billion Forward Start Facility.

This is the first syndicated corporate loan deal with a 5 year tenor to be completed since September 2008 in the GCC.


- Ends -




About Qtel

Qatar Telecom (Qtel) is a diversified telecommunications company with a presence in 17 countries, providing voice and data services to people and businesses, and bringing advanced technology to more than 60 million customers. We are committed to expansion in the MENA region, where we are the largest telecommunications company by number of operations, and South East Asia. Our vision is to be among the top 20 telecommunications companies in the world by 2020. 


Qatar Telecom (Qtel) Q.S.C. cautions investors that certain statements contained in this document state management's intentions, hopes, beliefs, expectations, or predictions of the future are forward-looking statements. Management wishes to caution the reader that forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties including, but not limited to: Our ability to manage domestic and international growth and maintain a high level of customer service; Future sales growth; Market acceptance of our product and service offerings; Our ability to secure adequate financing or equity capital to fund our operations; Network expansion; Performance of our network and equipment; Our ability to enter into strategic alliances or transactions; Cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our equipment; Regulatory approval processes; Changes in technology; Price competition; Other market conditions and associated risks.

The company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information, or otherwise.


This information is provided by RNS
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