Etisalat shrinks cheap Maroc Telecom loan

telecoms tower 230x150
By Michael Turner
01 May 2014

Etisalat, the Abu Dhabi telecoms firm, has signed €3.15bn-equivalent of loans from banks to finance its purchase of Vivendi's 53% stake in Maroc Telecom.

The facility is €6.2bn less than banks had been preparing to lend to Etisalat when the Aa3/AA-/A+ rated borrower came to the market at the end of last year. A mooted five year tranche has been cut from the deal, which now comprises a one year bridge and three ...

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