Etisalat sigs EUR 3.15 billion facilities agreement with seventeen banks

Abu Dhabi (WAM): Etisalat announced yesterday the signing of a multi-currency club deal of EUR 3.15 billion with a group of seventeen international, regional and local banks. The purpose of the financing is to fund the acquisition of the Vivendi's 53% stake in Maroc Telecom. "Financing consists of two facilities which can be utilised in EUR and/or US$. Tranche A is a twelve months bridging loan amounting to EUR 2.1 billion at a price of EURIBOR plus 45 basis points for the first six months increasing by 15 basis points in each of the following three months. Tranche B is a three-years bullet term loan amounting to EUR 1.05 billion at a price of EURIBOR plus 87 basis point," the UAE based telecommunications services provider said in a statement. Utilisation of funds under the two facilities will take place at the closing of the transaction with Vivendi. Vivendi SA is a French multinational mass media and telecommunication company headquartered in Paris, France, and Maroc Telecom is the main telecommunication company in Morocco. – Emirates News Agency, WAM