QATAR: Qtel prices 2-tranche $1bn bond

Qatar Telecom (Qtel), which has a significant presence in the Middle East and North Africa region and Southeast Asia, has priced its two-tranche $1bn bond.

The $500mn 15-year notes (maturing on January 31, 2028) will be issued at a coupon of 3.875%, which is priced 2.15% over the 10-year US Treasury rate, a Qtel spokesman said.

The $500mn 30-year notes (due January 31, 2043) carry a coupon of 4.5%, which is priced 4.50% over the US Treasury rate.
The bonds are to be issued by its wholly owned subsidiary, Qtel International Finance under the $3bn Global Medium Term Note Programme established on the Irish Stock Exchange.

The net proceeds from the sale of the notes will be used for Qtel’s general corporate purposes, including refinancing the existing debt, the spokesman said. Qtel’s businesses operate under various brands, including Qtel, Indosat, Asiacell, Wataniya, Nawras, Nedjma and Tunisiana.
In a communiqué to the Qatar Exchange, Qtel said it mandated RBS (global co-ordinator), together with Bank of America Merrill Lynch, Citi, JP Morgan and QNB Capital to act as joint lead managers and book-runners for the proposed dollar-denominated benchmark notes.

The settlement of the offering is expected to occur on January 31, 2013 and is subject to customary settlement conditions.

Source: Caye Global News, Gulf Times

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