Qtel: Credit facility’s subscription hits $3.86b

18 May 2010

(MENAFN) Qatar Telecom (Qtel) announced closing the general syndication of its new $2 billion dual tranche revolving credit facility, saying that total subscription reached $3.86 billion, which substantially exceeds the original target of $1.5 billion, Reuters reported.

In Qtel’s general syndication phase, 17 additional banks joined with commitments of $1.11 billion.

The firm’s Chairman, Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, said that this is a huge success for the firm’s loan facility, which has attracted a strong response from investors across Qatar, the Middle East region and internationally.

Al-Thani noted that an oversubscription of more than 150 percent of the original target demonstrates the appeal of Qtel to the financial community.

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