Batelco completes $650m bond repayment
MANAMA, May 9, 2020
Bahrain's leading telecom company Batelco said it has repaid in full $473 million of the outstanding senior unsecured bond issued by a subsidiary company which was due on May 1, 2020.
The $650 million bond was issued in 2013, with $177 million subsequently repurchased and redeemed, said Batelco in its statement.
The $473 million repayment was mainly funded through a $450 million term loan facility, it added.
Ahli United Bank and Bank ABC were the initial mandated lead arrangers and bookrunners for closing the facility, which was signed in March.
For the transaction, AUB acted as the investment facility agent and ABC as the designated global and conventional facility agent.
CEO Mikkel Vinter, confirming the full repayment of Batelco’s bond, said the successful closing of this facility in a volatile and financially distressed market reflected the telco giant's strong financial standing, its solid business model, prudent risk management and overall growth strategy."
"This transaction also demonstrates the ability of both AUB and ABC to lend and support the Bahraini economy and Batelco in such challenging times,," stated Vinter.
The IMLABs expressed their delight with the successful closure of the transaction and wished Batelco continued growth and prosperity in the future, he added.-TradeArabia News Service
