Etisalat, the leading telecommunications operator in the UAE, said it has signed a multi-currency club deal worth 3.15 billion euros ($4.35 billion) with a group of seventeen international, regional and local banks.
The move is aimed at funding the acquisition of the Vivendi’s 53 per cent stake in Maroc Telecom, said Etisalat in a statement.
Financing consists of two facilities which can be utilized in euros and/or US dollars. Tranche A is a 12 months bridge loan amounting to 2.1 billion euros at a price of Euribor plus 45 basis points for the first six months increasing by 15 basis points in each of the following three months, the statement said.
Tranche B is a three-years bullet term loan amounting to 1.05 billion euros at a price of Euribor plus 87 basis point.
Utilization of funds under the two facilities will take place at the closing of the transaction with Vivendi,the statement added.
UAE Telecom Etisalat signs multi-currency deal
