Qtel repays $3bn loan

Telco uses existing funds to repay $3bn loan facility
Qtel improved its financial position earlier in the year through a rights issue.
Qtel improved its financial position earlier in the year through a rights issue.

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Qtel, Qatar's incumbent operator, has repaid a $3 billion syndicated term loan from existing funds, the telco said in a statement.

Qtel, which is in the process of gaining full ownership of Kuwait's Wataniya Telecom, originally signed the five-year syndicated term loan in August 2007 through bookrunners Barclays, BNP Paribas, DBS and RBS,Reuters. The laon was priced at 65 basis points over the London interbank offered rate (Libor).

In March, Qtel approved a plan to increase its share capital to QAR 5 billion ($1.37bn) through a 40% rights issue at a price of QAR 75 per share.

In August, Qtel received approval from the Kuwait Capital Markets Authority to acquire the remaining 47.5% stake it does not already own in its Kuwait-based unit, Wataniya Telecom, for KWD 622.4 million ($2.2 bn).

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