Qatar Telecom Said to Seek Bank Proposals for $1 Billion Loan

Qatar Telecom QSC (QTEL), the country’s biggest company by revenue, is seeking a syndicated loan for about $1 billion to refinance existing debt, according to a person with direct knowledge of the deal.

Qtel, as the Doha-based company is known, has requested proposals from banks for loans maturing in three, four and five years, the person said, who asked not to be identified as the terms are private.

Officials from the company did not immediately respond to an e-mailed request for comment.

The company signed about $2 billion of credit lines in 2010 that pay interest of 115 basis points to 145 basis points more than benchmark rates, according to data compiled by Bloomberg.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.

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