Etisalat Raises $4.3 Billion in Bond Debut for Maroc Telecom - Bloomberg:
"Emirates Telecommunications Corp. (ETISALAT) is raising $4.3 billion in its first-ever bond sale as the United Arab Emirates phone company seeks funds for its acquisition of Maroc Telecom.
The offering includes 1.2 billion euros ($1.62 billion) each of seven-year and 12-year securities, according to two people with knowledge of the sale, who asked not to be identified because the information is private. That’s the biggest ever sale of bonds from a Gulf Cooperation Council borrower denominated in the European single currency, according to data compiled by Bloomberg.
Proceeds from the phone operator’s debut bond sale will go toward refinancing a 2.1 billion-euro bridge loan taken to buy the 53 percent stake in Maroc Telecom in November, Chief Financial Officer Serkan Okandan said in April. The seven-year debt priced to yield 80 basis points over the benchmark midswap rate, and the spread on the 12-year bonds was 110 basis points over the benchmark, according to the people."
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