| 03 Nov 2009 |
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Qtel Wins Corporate Treasury Deal of the Year in Middle East
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Company Recognized for Key Initiatives during Challenging Economic Times, Reflecting Stability and Growth Potential of QtelQtel
Doha, Qatar: Qatar Telecom (Qtel)Qatar Telecom (Qtel)
has received the Corporate Treasury Deal of the Year award in Middle East from the Association of Corporate Treasurers Middle East, in recognition of the company’s exemplary success in the financial markets in 2009. One of the special features of the ‘Deals of the Year’ awards is that they are chosen by treasurers and treasury practitioners to recognise the achievements of international companies for their success in accessing debt and equity markets. Deals of all sizes are eligible for entry, and the winning teams are selected based on their success in supporting company strategy, rather than for sheer size and scale of the transactions involved.
In a year of challenging economic conditions, QtelQtel has successfully tapped the international finance markets with two pioneering initiatives. QtelQtel obtained investment grade ratings in the midst of the credit crisis towards the end of 2008, which provided the company with a firm platform to launch both a USD 1.5 billion dual tranche bond and a USD 2 billion revolving credit facility.
Dr. Nasser Marafih, Chief Executive Officer, QtelQtel
, said: “Qtel’s successful financing strategy has ensured that we have gained the support of a broad international investor base, through the introduction of new financial instruments in the region. Our significant achievements in this area not only lend credibility to our growth plans but also further strengthen our already robust financial platform. This award reflects the effort and expertise that will continue to help QtelQtel achieve its wider strategy and goals.”The company’s $1.5bn five and 10 year bonds were oversubscribed more than eight times earlier in the year, reflecting the resounding success of the first-ever telecom bond issue in the Gulf region.
The senior unsecured notes received bids in excess of $13bn, a testament of the global investor confidence in Qtel’s strategy and financial strength as well as in Qatar’s strong macroeconomic fundamentals.
In addition, the general syndication phase of Qtel’s revolving credit facility achieved 100 percent oversubscription, enabling the company to increase the final facility size from US$1.5 billion to US$2 billion in order to accommodate the high level of interest.
International interest in Qtel’s bond and revolving credit facility, reflected by this award, were driven in part by its success within Qatar and expansion of its overseas operations and investments.
The ‘Corporate Treasury Deal of the Year’ award was presented by Matthew Hurn, Chairman of the Association of Corporate Treasurers Middle East at a major ceremony in Dubai, where it was collected on Qtel’s behalf by Adel Al Mutawa, Executive Director, QtelQtel.
is also winning applause for its social and community activities. The company QtelQtel was named as the winner of the Corporate Social Responsibility (CSR) award at the CEO Middle East Awards 2009. -Ends-
About QtelQtel
Qatar Telecom (Qtel)Qatar Telecom (Qtel) is the telecommunications service provider licensed by the Supreme Council of Information and Communication Technology (ictQATAR) to provide both fixed and mobile telecommunications services in the state of Qatar. We have a presence in 17 countries and we are committed to expansion both in the MENA region and South East Asia. Our vision is to be among the top 20 telecommunications companies in the world by 2020.
© Press Release 2009
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