Qtel has successfully closed its latest $1bn senior unsecured notes to be issued by its wholly-owned subsidiary, Qtel International Finance Limited under the Global Medium Term Note Programme established on the Irish Stock Exchange, a Qatar Exchange notification said yesterday.
The Notes will be unconditionally and irrevocably guaranteed by Qtel. The telecom operator’s two most recent issuances issued on January 31, 2013 were $500mn 15-year Notes with a coupon of 3.875%, due on January 31, 2028; and $500mn 30-year Notes with a coupon of 4.5%, due on January 31, 2043.
The transaction was priced at a margin of 2.15% over the 10-year US Treasury rate for the 15-year Notes and at 1.625% over the 30 year US Treasury rate for the 30-year Notes.
Net proceeds from the sale of the Notes (Reg S/Rule 144A) will be used for Qtel’s general corporate purposes, including refinancing existing indebtedness, the QE notification added.