QTEL loan $1.5bn

[sharewadi]

Qatar Telecom (QTEL) doesn't seem to have a problem getting a loan of US$1.5 billion (about AED 5.5 billion). Press release from yesterday. Qtel shares were untraded on the ADX (where it has a secondary listing) today.

Press Release 03 March 2009:

QTEL Successfully Secures USD 1.5 Billion Credit Facility London, England and Doha, Qatar: Qatar Telecom (QTEL) today announced that it has successfully secured a USD1.5 billion credit facility. As of today, the facility is already over-subscribed and Qtel will officially extend the opportunity to other lenders to join this successful facility in the general syndication phase. Prior to today’s launch, Qtel secured the support of its relationship banks, including The Bank of Tokyo - Mitsubishi UFJ, Ltd., Barclays Capital (the investment banking division of Barclays Bank plc), BNP Paribas, DBS Bank and The Royal Bank of Scotland plc (RBS), as Initial Mandated Lead Arrangers and Bookrunners, with Qatar National Bank as an Initial Mandated Lead Arranger and General Financial Adviser to Qtel. These banks were joined by other relationship banks including Gulf International Bank, International Bank of Qatar, JP Morgan Chase, Arab Bank (ARABBANK), Doha Bank and Housing Bank for Trade and Finance. Qtel’s success in launching the first stage of the facility - which is one of the largest credit facilities, and the first Forward Start Facility, executed in the GCC region so far in 2009 - provides the company with enhanced capacity to continue to execute on its strategic vision to become one of the world’s top 20 telecommunications companies by 2020. This first stage will be followed by a second General Syndication phase. Executives at Qtel said that the credit facility will be accessed to support re-financing of an existing credit facility due to mature in November 2009. The transaction was marked at a commemorative event in London, in the presence of Qatar’s Ambassador to the UK, H.E. Khalid Rashid Al-Mansouri. Also present at the event were H.E. Sheikh Abdullah Bin Mohammad Bin Saud Al-Thani, Chairman of the Qtel Group; H.E. Sheikh Mohammed Bin Suhaim Al Thani, Deputy Chairman of the Qtel Group; Dr. Nasser Marafih, Qtel Group CEO and Ali Shareef Al Emadi, Group CEO of Qatar National Bank (QNB). In a speech to the assembled dignitaries, His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of Qtel, said: “This is an important milestone in the ongoing development of Qtel. We are deeply gratified by the sustained support afforded by our shareholders and by our international banking partners, particularly given the current market conditions.” Dr. Nasser Marafih, CEO of the Qtel Group, said: “Qtel is sailing on a clearly charted path to becoming one of the world’s leading telecommunication companies, and the facility will provide us with the financial flexibility necessary to achieve our long-term goals and ambitions.” Ali Shareef Al Emadi, Group CEO of Qatar National Bank (QNB), said: “We are very proud to have played a significant part in launching this facility as an Initial Mandated Lead Arranger and General Financial Adviser to Qtel, since this initiative reflects the extent of international support for and interest in the businesses of the dynamic and growing economy of Qatar.” Assembled financial experts and international bankers agreed that Qtel’s success in launching the facility was a major achievement in the current challenging global economic climate. Commenting on behalf of the Initial Mandated Lead Arrangers, Scott Barton, Head of Global Banking & Markets Middle East & Africa, RBS said: “With the successful completion of the first stage and launch of the general syndication, Qtel raised more than US$10 billion in the international bank loan markets in just over two years. This achievement marks the largest corporate financing for any corporate in the MENA region and one of the largest in the world.” Barton added: “Qtel has positioned itself as a global player that is well-situated to emerge in a stronger strategic and financial position amidst the current financial backdrop. The facility amplifies the strong credit story of Qtel and Qatar, as demonstrated by the strong investment grade rating assigned to Qtel by Moody’s, S&P and Fitch Ratings.” Qtel continues to benefit from strong growth and profitability within its home market of Qatar. The Qtel Group has diversified internationally into 17 countries, with established operations in Gulf neighbors including Kuwait and Oman, and growth potential in major emerging markets including Indonesia, Iraq, Algeria, and Tunisia.

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