Bharti: money in the bag
Bharti Airtel has sewn up US$8.3bn worth of financing for its US$10.7bn proposed acquisition of Zain Africa.
The loan is split into two portions; the first consists of US$7.5bn for which the MLAs and lead advisers are Standard Chartered Bank and…
Bharti Airtel has sewn up US$8.3bn worth of financing for its US$10.7bn proposed acquisition of Zain Africa.
The loan is split into two portions; the first consists of US$7.5bn for which the MLAs and lead advisers are Standard Chartered Bank and Barclays. SBI is acting as onshore MLA. Other MLAs and co-advisers are ANZ, BNP Paribas, Bank of America Merrill Lynch, Credit Agricole CIB, DBS, HSBC, Bank of Tokyo Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation.
The second portion consists of a rupee denominated facility worth US$1bn, with SBI the sole bank mandated.
Global Investment House KSCC is acting as regional financial adviser to Bharti on the deal. Bharti said that the financing was oversubscribed.
Bharti is in exclusive talks until March 25 with Zain to buy the company’s Africa assets (sans Morocco and Sudan).
Bharti’s board approved the planned purchase last week.
