Qatari telecoms company Ooredoo hires banks for US dollar bond
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 US$750m-US$1bn 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.