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Etisalat successfully prices first bond issuance

Etisalat

Etisalat

Etisalat, rated Aa3 stable (Moody s), AA- Stable (S&P) and A+ stable (Fitch), successfully issued an inaugural bond under its recently established US$ 7 billion Global Medium Term Note (GMTN) Programme that was listed on the Irish Stock Exchange on 22nd May 2014.

The issued bonds are denominated in US Dollars and Euros and consist of four tranches. A five year tranche of US$ 500 million with a coupon rate of 2.375 percent per annum; a seven year tranche of Euro 1,200 million with a coupon rate of 1.750 percent per annum; a ten year tranche of US$ 500 million with a coupon rate of 3.500 percent per annum; and a 12 year tranche of Euro 1,200 million with a coupon rate of 2.750 percent per annum.

Net proceeds from the issuance of the bond will be used for repayment of the outstanding facilities amounting to EUR 3.15 billion that were used to fund the acquisition of the Vivendi s 53 percent stake in Maroc Telecom.

Source : WAM News Agency for United Arab Emirates

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