etisalat signs agreement with 22 banks

Published July 17th, 2006 - 12:22 GMT

Emirates Telecommunications Corporation- etisalat- has signed an agreement with a syndicate of 22 local, regional and international banks, which gives the Corporation US$3bn as part of a Revolving Line of Credit agreement announced  last month.

 

The agreement was signed by Mohammed Hassan Omran, Chairman of etisalat, and Cyrus Ardalan, Vice Chairman, Barclays Capital, who represented the syndicate. The signing ceremony was attended by Mohamed Al Qamzi, etisalat CEO, and senior representatives from the syndicate banks.

 

This agreement comes in line with the international expansion strategy of etisalat, and provides etisalat with a multipurpose facility that can be used to finance any activity of the Corporation, including investments and acquisitions of target companies and forging of new partnerships.

 

Mohammed Hassan Omran praised the confidence placed in the Corporation by the syndicate and their readiness to be involved and finance the Corporation's expansions and operations through the coming period.

 

He said, “etisalat is ranked as one of the region's largest corporation by market capitalization and has been able to achieve record profits in the past years. This agreement will help save time and give a push to our ambition of being among the top 20 telecom operators in the world by 2010. Such a strategy can be achieved by entering strategic and important markets, and will help bring profitability to our stakeholders”.

 

Mr. Cyrus Ardalan commented, "Like etisalat, the syndicate banks pride themselves on their commitment towards bringing innovation to the region. By leveraging the banks’ expertise and reach in debt financing and risk management, we are delighted to be working with etisalat in support of their future expansion plans, and we have great confidence in their vision. This transaction is an important step in this direction".

 

The joint underwriters and book-runners of the facility are: Barclays Capital, Citibank NA, Deutche Bank AG and HSBC Bank PLC. The other members of the syndicate are: ABN AMRO Bank NV, Bank of Tokyo-Mitsubishi UFJ Trust Company, BNP Paribas SA, Standard Chartered Bank, The Royal Bank of Scotland PLC, Arab Banking Corporation (BSC), DBS Bank Limited, ING Bank N.V,   JP Morgan PLC, Qatar National Bank SAQ, Sanpaolo IMI SpA, WestLB AG, Abu Dhabi Commercial Bank Limited, Commercial Bank of Dubai Limited, Emirates Bank International PJSC, Natexis Banques Populaires SA, Scotia Capital Inc, and Societe Generale SA.


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