Etisalat successfully prices first bond issuance

Press release

Published June 12th, 2014 - 07:05 GMT

Al Bawaba

Etisalat, rated Aa3 stable (Moody’s), AA- Stable (S&P) and A+ stable (Fitch), successfully issued the inaugural bond under its recently established USD 7 billion Global Medium Term Note (GMTN) Programme that was listed on the Irish Stock Exchange on 22 May 2014.

The issued bonds are denominated in US Dollars and Euros and consist of four tranches. A five year tranche of USD 500 million with a coupon rate of 2.375-percent per annum; a seven year tranche of Euro 1,200 million with a coupon rate of 1.750-percent per annum; a ten year tranche of USD 500 million with a coupon rate of 3.500-percent per annum; and a 12 year tranche of Euro 1,200 million with a coupon rate of 2.750-percent per annum.

Net proceeds from the issuance of the bond will be used for repayment of the outstanding facilities amounting to EUR 3.15 billion that were used to fund the acquisition of the Vivendi’s 53-percent stake in Maroc Telecom.

Background Information

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etisalat has deployed many innovative technologies and services to remain at the leading edge of customer experience.
etisalat’s senior leaders understands the need to continue its investments in building the networks of the future because the positive effects filter down to the rest of the economy. Today, the UAE boasts of an excellent telecoms ecosystem, capable of driving successes across industries and sectors.