Doha - Mubasher: Qatar-based telecommunications firm Ooredoo is running negotiations with number of banks to raise financial facilities up to $1.5 billion through bond and loans in 2016.
The telecom company will direct this new credit facility towards the refinancing of an an existing $1 billion revolving credit facility (RCF) maturing in March 2017, according to Reuters.
The company is studying the feasibility of raising funds through either a conventional RCF or Islamic loan, in U.S. dollars or in a combination of currencies, sources close to the matter told Reuters.
Ooredoo also aims to make a benchmark-sized bond issue in 2016. Ooredoo is open to issuing bonds in conventional and/or Islamic formats, in dollars or a combination of currencies, the sources said.
Benchmark is usually taken as upwards of $500 million. An RCF is a line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed during the lifespan of the facility.
Ooredoo has asked banks to respond no later than Sunday, Feb. 14, the sources said.
Asked to comment by Reuters , Ooredoo said it doesn't comment on market rumors.
