Qtel Chairman Says Company To Restructure Debt in First Half

Qatar Telecom QSC, the Persian Gulf country’s largest company in revenue, will restructure debt in the first half this year, Chairman Sheikh Abdullah Bin Mohammed Al Thani said.

“In the first half of the year, we are just restructuring our debt,” al Thani said at the company’s general assembly meeting in Doha, Qatar, today. Qtel isn’t refinancing any debt, Chief Executive Officer Nasser Marafih said today.

The company sold $1.25 billion of 6- and 15-year debt denominated in U.S. dollars in October last year and closed a $2 billion credit facility in May.

“We were studying all the time our bonds and whenever we think our debt is high, then we can take action,” al Thani said. “But for the time being we think we are OK. Our bonds have a very low interest.”

Qtel shares, down 6 percent this year, rose 0.5 percent to 168 riyals on the Qatar Exchange on March 24. Trading of the shares was suspended today because of the general assembly meeting.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Maher Chmaytelli at mchmaytelli@bloomberg.net

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