Qtel has approached banks to help it refinance the US$2bn forward-start loan that it raised in September last year.
The Qatari player is looking to pay less than the 250bp over Libor margin of the existing loan.
A number of telcos resorted to…
Qtel has approached banks to help it refinance the US$2bn forward-start loan that it raised in September last year.
The Qatari player is looking to pay less than the 250bp over Libor margin of the existing loan.
A number of telcos resorted to forward-start loans in 2009 because they enabled corporate borrowers to extend the maturity of their debt, but at much higher borrowing costs.
Assuming that the worst of the financial crisis is over, Qtel now wants to refinance the loan on more favourable terms. The existing loan does not mature until November 2011.
The forward-start loan replaced a loan taken out in May 2006 that paid just 22.5bp over Libor.
The September 2009 loan was arranged by Bank of Tokyo Mitsubishi, Barclays Capital, BNP Paribas, DBS Bank, Qatar National Bank and RBS.