Qatar Telecom Says Will Use Cash To Repay Debt Due This Year

Tuesday, Apr 24, 2012

DOHA (Zawya Dow Jones)--Qatar Telecom (QTEL.DO), better known as Qtel, said Tuesday it will use cash to pay off debt due this year and doesn't have any "immediate" refinancing plans.

Qatar' largest telco was responding to media reports this week that the company was speaking to international lenders about arranging a $2 billion refinancing loan.

In an emailed statement, Qtel said it didn't "have any immediate refinancing requirements and accordingly is not undertaking any refinancing at this time." Current debt maturities would be paid off with cash, it said.

"As part of its ongoing financial management strategy, Qtel continually looks to optimize its funding options as part of its capital structure management," it added.

Qtel has investments across the Middle East and North Africa including Tunisia and Iraq and in Indonesia. It had a customer base of 83 million at the end of December last year.

Qtel shares closed down 0.4% at QAR128.90 Tuesday.

-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com

(END) Dow Jones Newswires

24-04-12 1215GMT