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The concession is worth $1.3 billion
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Bharti Lines Up $9b Loan for Zain Africa
NEW DELHI - India’s Bharti Airtel has lined up $9 billion in loans from foreign and local banks for its planned acquisition of the African assets of Kuwait’s Zain, the Economic Times reported on Monday.
The newspaper cited three people familiar with the matter as saying nearly a dozen banks — mostly foreign — had come forward to commit the amount in long-term loans, compared with earlier plans of taking short-term or bridge loans.
Standard Chartered is leading the consortium of banks and has alone committed $5.5 billion, the paper said. The pricing for the 7-year loan could be close to 300 basis points over the London inter-bank offered rate, it said. Barclays has also committed close to $5 billion to the company, the paper said.
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