Etisalat plans to raise up to 
$2b in loan

ABU DHABI - Emirate Telecommunication Corporation or Etisalat plans to raise a syndicated loan of up to $2 billion for general corporate purposes, a newswire said. The deal is expected to carry a three-year tenor, but this is subject to change, Reuters reported.

Etisalat did not confirm the development.

The company lined up a $12 billion loan early last year to back its bid for a controlling stake in Kuwaiti rival Zain, but the deal was pulled when the company withdrew the offer in March, citing Zain’s divided board, extended due diligence and regional unrest.

The company’s last completed loan was a $3 billion, 364-day debut revolver that signed in July 2006 via bookrunners Barclays, Citigroup, Deutsche Bank and HSBC.

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