Emirates Telecommunications Corp. plans to raise $12 billion of loans to fund its bid for a stake in Kuwait’s biggest phone operator, three people familiar with the situation said.
Etisalat, as the United Arab Emirates’ largest phone company is known, is seeking $6 billion in a one-year loan that can be extended by six months, said the people, who declined to be identified because terms are private. The debt will be refinanced with bond sales, following Etisalat’s creation of an issuance program in November for as much as $8 billion.
Etisalat said on Sept. 30 it offered about $12 billion for a 46 percent stake in Mobile Telecommunications Co., or Zain. The Abu Dhabi-based company also plans to raise $3 billion in a three-year loan, and another $3 billion for five years, the people said.
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