Wataniya Telecom Secures US$1 Billion in Financing

Kuwait's Wataniya Telecom says that it has signed a US$1 billion syndicated credit facility from leading European, Asian, Middle Eastern and Kuwait banks. The company says that it plans to use the facility to finance its continued growth and expansion of its business.

Mr. Faisal Al-Ayyar, Chairman of Wataniya Telecom, said: ?Wataniya Telecom appreciates the trust of its partners and assures them that the company will remain focused on achieving growth with its long standing, prudent and sound investment strategy.? He continued:?Since the launch of Wataniya Telecom seven years ago, we have been consistent in our investment approach in Kuwait and the region. Wataniya Telecom is now recognized as a leader in innovation in its market, but has also gained the recognition from its stakeholders and the global financial community for being a solid and a rewarding investment. ?

Mr. Julian van Kan, Head of Loan Syndications and Trading, BNP Paribas, said: ?We were very pleased with the market response to this transaction which attracted global interest from Europe and Asia as well as the Gulf region itself. With a number of regional telco borrowers having already approached the loan market for financing, conditions proved to be somewhat challenging. However, it is extremely encouraging to note that the syndication process attracted commitments from 21 lenders across 11 different countries. This clearly reflects positively on the Wataniya name?.

The $1 billion facility is a three year revolving credit facility with an extension option of two years."

Posted to the site on 13th February 2007