UAE’s Etisalat to create bond program worth $8b

12 Nov 2010

(MENAFN) UAE telecoms group Etisalat announced in a statement on the bourse website that it will create an $8 billion bond program, split between a $7 billion global medium-term note (GMTN) program and a $1 billion sukuk program, which will allow it to issue conventional or Islamic bonds when needed, Reuters reported.

Etisalat, which is eyeing a stake in Kuwait’s Zain is covering the cost of its planned 46 percent acquisition by taking out loan facilities worth $12 billion from a club of around 12 banks, said the company.

The UAE-based telecom company, which operates in 18 countries including Egypt and India, derives 85 percent of its income from domestic operations in the United Arab Emirates.

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