Qatar Tel set to increase $1.5 bln loan

Qatar Telecommunications Co (Qtel) is launching syndication of its $1.5 billion loan in order to increase the facility amount, banking sources close to the deal said.

Existing lenders to the company, plus a small number of other banks, are being invited to commit either $50 million or $25 million to the deal, the sources said. One of them added that upfront fees of 110 basis points (bps) and 90 bps are on offer, respectively.

Qtel announced in March it had signed the forward start agreement on a revolving credit facility maturing in November, extending the credit by two years.