Tuesday, 21 February 2012 at 17:35, Reuters, London
Etisalat's last completed loan was a $3 billion, 364-day debut revolver that signed in July 2006. (REUTERS)
United Arab Emirate's largest telecommunications company Etisalat is seeking a syndicated loan of up to $2 billion for general corporate purposes, bankers close to the deal said.
The deal is expected to carry a three-year tenor, but this is subject to change, the bankers added.
Etisalat was not immediately available to comment.
Etisalat lined up a $12bn loan early last year to back its bid for a controlling stake in Kuwaiti rival Zain, but the deal was pulled when the company withdrew the offer in March, citing Zain's divided board, extended due diligence and regional unrest.
The company's last completed loan was a $3bn, 364-day debut revolver that signed in July 2006 via bookrunners Barclays, Citigroup, Deutsche Bank and HSBC, according to Thomson Reuters LPC.
Etisalat may restructure its operations to cut costs, the company said on Monday, as it tries to arrest falling profits. On February 9, Etisalat said annual net profit fell 24 per cent to Dh5.8bn ($1.58bn), due in part to writedowns on its Indian affiliate Etisalat DB, which is poised to lose its licence.
Etisalat is rated AA- by Standard and Poor's, Aa3 by Moody's and A+ by Fitch.
Your comments