Etisalat seeks $800m loan to finance network in Egypt

DUBAI — Emirates Telecommunications Corporation (Etisalat), the second-biggest Arab telecom firm by market value, is seeking an $800 million loan to finance the mobile phone network of its Egyptian unit, THE Middle East Economic Digest said.

By (Reuters)

Published: Sun 4 Nov 2007, 9:07 AM

Last updated: Sat 4 Apr 2015, 11:10 PM

Calyon bank is arranging the loan for Etisalat Egypt, which will include two tranches of $544 million and $300 million, MEED reported in its Friday edition, citing a senior banker.

Local, regional and global banks would take part in the syndication early next year, MEED said.

Etisalat led a group that won Egypt's third mobile phone licence last year, paying $2.9 billion.

Etisalat Chairman Mohammed Hassan Omran said in February it planned to borrow $1.75 billion for the Egyptian operations, which achieved 1 million subscribers in the first seven weeks of operation beginning in May.

In 2006, Etisalat raised its first syndicated loan amounting to $3 billion to fund expansion. Barclays Plc, Citigroup Inc, Deutsche Bank AG and HSBC Plc were among the arrangers.

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