Etisalat, the UAE-based telco, has reportedly agreed a US$8bn dual-tranche loan facility ahead of its bid for a 53% stake in Maroc Telecom.
The asset is being sold by French media and telecoms conglomerate Vivendi.
According to Reuters citing bankers…
Etisalat, the UAE-based telco, has reportedly agreed a US$8bn dual-tranche loan facility ahead of its bid for a 53% stake in Maroc Telecom.
The asset is being sold by French media and telecoms conglomerate Vivendi.
According to Reuters citing bankers working on the transaction, the funding is split equally between a term loan and a bridge loan, which will be refinanced using a bond sale.
Two other companies, South Korea’s KT Corp and Ooredoo (formerly Qtel), are also vying for the Maroc Telecom stake.
In mid-March, it was reported that Ooredoo was in talks with nine or ten banks to secure a loan in order to fund its bid.
French media and telecoms conglomerate Vivendi is expected to raise around €5.5bn (US$7.4bn) from the sale of its controlling stake in the Moroccan telco.
Etisalat is being advised by BNP Paribas while Oooredoo has hired JP Morgan and KT Corp has mandated three banks – Citigroup, Credit Suisse and Societe Generale – for their offers. Bids are due at the end of April.
Etisalat was not immediately available for comment.
