Pakistan’s Mobilink aims to raise PKR6.9bn (US$68.6m) via a secured sukuk this quarter to help fund its ongoing 3G expansion.
The Islamic bonds include a greenshoe option of PKR2.1bn (US$20.9m) and have a partial credit guarantee of PKR966m (US$9.6m),…
Pakistan’s Mobilink aims to raise PKR6.9bn (US$68.6m) via a secured sukuk this quarter to help fund its ongoing 3G expansion.
The Islamic bonds include a greenshoe option of PKR2.1bn (US$20.9m) and have a partial credit guarantee of PKR966m (US$9.6m), the Pakistan Credit Rating Agency (PACRA) said in a statement.
The guarantor is GuarantCo, a Mauritius-based financial guarantor owned by the governments of the UK, the Netherlands, Sweden and Switzerland.
The credit agency has previously said the sukuk will be payable quarterly at three-month Kibor plus 210bps for two years and three months, after which the margin will decline gradually on a quarterly basis.
PACRA has assigned the proposed sukuk an AA rating, saying it reflects Mobilink’s sound business profile.
Mobilink, Pakistan’s largest mobile operator, is owned by Global Telecom Holding (GTH) which is itself controlled by Russia-focused telco VimpleCom.
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