Etisalat to raise additional funds

Telco plans to raise up to $500 million by re-opening of June 2019 bond - Reuters
Etisalat $500 million bond, Etisalat bond, Serkan Okandan

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The UAE’s Etisalat Group is planning to raise additional funds through an issue of “tap notes” under its established $7 billion Global Medium Term Note Programme. The issue will go ahead if the company “considers the market conditions to be favourable”, according to a statement posted on the Abu Dhabi bourse website.

The telco is planning to raise up to $500 million by re-opening of its June 2019 bond, which is expected to price later today, according to a report from Reuters, which cited a document from the lead arrangers.

Last June, the company sold $4.3 billion worth of maiden bonds in four tranches with maturities ranging from five to 12 years, setting a record as the region's biggest corporate issue ever, the report added.
 

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