Ooredoo hires banks for dollar bond

19/05/2016 16:59 AST

Qatari telecoms company Ooredoo has mandated banks for a forthcoming US dollar bond, according to sources.

The Doha-based firm has picked a number of banks including ANZ, Bank of America Merrill Lynch, Citigroup and HSBC, the sources said.

Ooredoo is seeking to raise $750 million-$1 billion through the transaction, said two sources. The transaction will come after Qatar's deal. The sovereign began a roadshow ahead of a potential US dollar offering today.

One source said Ooredoo's deal would probably come after Ramadan, which runs from June 5 to July 5. The source added that Ooredoo was also seeking a loan.

In February, Reuters reported that Ooredoo was in talks with banks to raise more than US$1.5bn through bonds and loans this year.

The company, which operates in about a dozen territories across the Middle East, Africa and Asia, is planning to refinance a US$1bn revolver that matures in March 2017.

Ooredoo is rated A2 by Moody's, A- by Standard & Poor's and A+ by Fitch.

The company declined to comment.


Reuters

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