Etisalat Seeks $12B Loan For Zain Bid
Emirates Telecommunications is seeking to finance its $12 billion offer for Kuwait’s Mobile Telecommunications.
Emirates Telecommunications (Etisalat) is seeking to finance its $12 billion offer for Kuwait’s Mobile Telecommunications (Zain), Bloomberg reports. The Abu Dhabi-based company is seeking a $6 billion bridge loan payable in 18 months, which will be refinanced through bonds and sukuks.
The company also plans to secure a $3 billion loan payable in three years and another $3 billion payable in five years. Etisalat has a deal with 18 international and regional banks, including Samba Financial Group, National Bank of Abu Dhabi and National Bank of Kuwait, among others on the initial term-sheet for the loan.
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