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Qatar Telecom Completes $2 Bln Loan Deal - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Qatar Telecommunications Co (Qtel) said on Tuesday it had completed syndication of a $2 billion loan facility for general corporate purposes including to refinance existing debt.

“Despite the current difficult global credit environment, the general attracted additional subscriptions over $1.5 billion, making the total facility more than 100% oversubscribed,” it said in a statement.

“In response to the substantial demand from investors for Qtel’s credit, the company elected to increase the final facility size to $2 billion.”

Bankers told Reuters Loan Pricing Corp earlier this month Qtel was in the process of signing a $2 billion forward start loan.

Under a forward start agreement lenders typically agree to extend existing loans at final maturity in return for a hefty increase in pricing on the existing credit.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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