Qatari Telecom Company Ooredoo Said to Seek $500 Million LoanSarmad Khan, Matthew Martin and Dana El Baltaji
Ooredoo QSC, the fourth-largest telecommunications company in the Middle East and Africa, is seeking to arrange a $500 million Islamic loan, according to two people with knowledge of the matter.
The company has sent a request for proposals for a facility, asking banks to indicate what pricing they would offer for terms of one, three or five years, the people said, asking not to be identified as the information is private.
Companies across the Middle East have been seeking to refinance debt and raise new funding to capitalize on liquidity among regional banks and low interest rates. Qatar National Bank SAQ, the largest in the Middle East by assets, has appointed lenders for a $3 billion loan, it said on Feb. 9. Dubai developer Emaar Properties PJSC is in talks with lenders to cut the borrowing costs on a $500 million loan used to fund a project in Turkey, two people told Bloomberg in January.
Ooredoo doesn’t comment on speculation and is permanently reviewing its financing options, it said on Wednesday in an e-mailed statement.