Etisalat, the UAE operator, is reportedly looking to issue a €3.1bn (US$4.2bn) bond in four tranches.
The offering would be split between two dollar tranches, expected to have a five and 10-year maturity respectively, and two euro-denominated tranches…
Etisalat, the UAE operator, is reportedly looking to issue a €3.1bn (US$4.2bn) bond in four tranches.
The offering would be split between two dollar tranches, expected to have a five and 10-year maturity respectively, and two euro-denominated tranches of seven and 12-year tenure, according to Reuters referring to a document from lead arrangers.
The company declined to comment on the report.
Late last month, Etisalat said banks would organise a series of fixed income investor meetings in the UAE, Asia and Europe, starting in June, to market a bond issue.
Deutsche Bank, Goldman Sachs, HSBC and RBS were reportedly mandated to arrange the debut bond, although the company did not confirm the names of the banks.
Before that, it completed the listing of its US$7bn global medium term note programme on the Irish stock exchange. The programme enables the operator to issue one or more series of conventional bonds in any currency.
In May, Etisalat closed the purchase of a 53% stake in Maroc Tel from Vivendi for €4.1bn.
To finance the deal, Etisalat signed a €3.15bn (US$4.36bn) loan agreement with 17 local, regional and international banks, €2.1bn of which came in form of a bridge loan, which is expected to soon be replaced with a bond.
