Etisalat Plans 3-Part Bank Loan for Zain, CFO Says

Emirates Telecommunications Corp., the biggest phone company in the United Arab Emirates, plans to finance its $12 billion offer for control of Kuwait’s Mobile Telecommunications Co., in three stages of loans.

“The first $6 billion will be a bridge loan, payable in 18 months,” Chief Financial Officer Salem al Sharhan said in a phone interview today. The Abu Dhabi-based company will also borrow $3 billion payable in three years and another $3 billion payable in five years, he said. The $6 billion bridge loan will be refinanced through bonds and sukuks, al Sharhan said.