Abu Dhabi-based Etisalat is reportedly trying to secure a syndicated loan of up to US$2bn for general corporate purposes.
Reuters cited bankers close to the deal as saying the loan is expected to have a term of three years, although this may change….
Abu Dhabi-based Etisalat is reportedly trying to secure a syndicated loan of up to US$2bn for general corporate purposes.
Reuters cited bankers close to the deal as saying the loan is expected to have a term of three years, although this may change.
Etisalat recently reported a net profit for 2011 of AED5.8bn (US$1.6bn) – down 23% on the previous year.
The company attributed the result to the impairment charge on its Indian JV Etisalat DB following the Supreme Court of India’s recent decision to cancel four of Etisalat DB’s licences.
However, the company posted a 1% increase in consolidated revenues to AED32.2bn (US$8.7bn) for the same period driven by international operations.
Earlier reports said Etisalat is considering restructuring in an effort to cut costs (see coverage here).
In early 2011 Etisalat had prepared three loans totalling US$12bn to finance the purchase of a 46% stake in Kuwait’s Zain Group.
However, Etisalat withdrew the takeover offer in April 2011 for a number of reasons.
According to Reuters, Etisalat’s last completed loan was a US$3bn revolver secured in July 2006.
Etisalat was not immediately available for comment.
