Zain and Etisalat bring lending oasis to Gulf

14 Oct 2010

Kuwaiti mobile phone company, Zain, is in talks with banks for a $1.5bn refinancing while lenders attempt to woo UAE’s telecommunications giant, Etisalat, which is seeking $9bn in loans for its purchase of a 46% stake in Zain.

Loans bankers expect Zain’s refinancing to go ahead irrespective of the takeover bid. The company has not mandated banks for the deal yet but movement on the transaction is expected next week. Middle East loans bankers expect Zain to pay a slightly higher margin than Qatar Telecom (Qtel), ...

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