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.