Bahrain Telecommunications Company (Batelco) is planning to issue a US$650m seven-year bond today, according to the arranging banks BNP Paribas and Citigroup cited by Reuters.
Batelco mandated the two banks days ago to arrange fixed income investor…
Bahrain Telecommunications Company (Batelco) is planning to issue a US$650m seven-year bond today, according to the arranging banks BNP Paribas and Citigroup cited by Reuters.
Batelco mandated the two banks days ago to arrange fixed income investor meetings for a bond issue.
The bond is expected to cover part of a US$1bn financing facility for its purchase of CWC’s Monaco & Islands portfolio earlier this month. The remainder of the facility may be covered with a term loan.
On 3 April, the Bahraini incumbent completed its acquisition of CWC’s Monaco & Islands assets for US$570m, on a cash and debt free basis.
Batelco acquired 25% of Compagnie Monagesque de Communications (CMC), which holds CWC’s 55% interest in Monaco Telecom. Under a put and call arrangement, Batelco can buy the other 75% of CMC for US$345m over the next 12 months.
Batelco was not immediately available for comment.
