20 October 2010
Latham & Watkins has advised Qatar Telecom (Qtel) Q.S.C. on the update of its US$5.0 billion Global Medium Term Note Programme and the further issuance of US$2.75 billion of Notes under the Programme.
Latham & Watkins initially advised Qtel on the issuance on 14 October 2010 of US$500 million 3.375 percent Notes due 2016 and US$1 billion 4.75 percent Notes due 2021. The success of this bond offering and the demand for the initial issuance, in which investors expressed interest in the opportunity to purchase notes that exceeded 10 times the amount being offered, prompted Qtel to undertake a further issuance of US$500 million 3.375 percent Notes due 2016 and US$750 million 5.00 percent Notes due 2025 on 19 October 2010, on which Latham & Watkins also advised.
The issuance will enable Qtel, a leading telecommunications company, to fund its general corporate activities and refinance existing indebtedness. Andrew Tarbuck, corporate partner in Latham & Watkins' Dubai office, commented: "Latham & Watkins is delighted to have advised Qtel on its further bond issuances during a vibrant period in the corporate bond market. The demand for Qtel's recent bond issuances is a clear indicator of the capital markets' belief in Qtel's strategy, its team and underlying financial fundamentals."
Barclays Bank PLC, Deutsche Bank AG (London Branch), Mitsubishi UFJ Securities (USA), Inc., Qatar National Bank S.A.Q., The Royal Bank of Scotland plc and Standard Chartered Bank were joint lead managers on each issuance.
A cross-border team from Latham & Watkins offices in Doha, Dubai, Abu Dhabi, London, Los Angeles, New York, Washington, D.C. and Singapore worked on this transaction. The Latham team was led by Andrew Tarbuck in Dubai and Craig Stoehr in Doha, with assistance by Helena Kim, Hon Ng and Mohammed Al-Khater in Doha. Advice was also provided by Lene Malthasen and Paul Gallup in London; Lee Irvine in Abu Dhabi; Jim Barrall in Los Angeles; Jiyeon Lee-Lim and Kevin Brogan in New York; Alex Cohen in Washington, D.C.; Chei Liang Sin and Alex Ye in Singapore. For more information please contact Andrew Tarbuck at +971.4.704.6353 or Craig Stoehr at +974.4406.7731. A copy of Qtel's release is below.
Qtel Closes Latest Bond Issue
Qatar Telecom (Qtel) Q.S.C. ("Qtel" or "the Qtel Group" or "the Group") (EPIC: QTEL.QA) announced today the successful closing of the previously announced pricing of its US$1.5 billion and US$1.25 billion senior unsecured notes under its existing US$5.0 billion Global Medium Term Note Programme (the "Programme").
The most recent US$1.5 billion and US$1.25 billion issuances were priced and allocated as follows:
US$1 billion; 3.375% 6 - year Notes due 14 October 2016;
(ii) US$1 billion; 4.75% 10 - year Notes due 16 February 2021; and
(iii) US$750 million; 5.00% 15 - year Notes due 19 October 2025.
The net proceeds of the sale of the notes offered hereby will be used for general corporate purposes, including refinancing existing indebtedness.
This announcement is for information purposes only and does not constitute an offer of, or an invitation to subscribe for or purchase any securities. The securities to which this announcement relates have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will be no public offering of the securities in the United States or in any other jurisdiction where any public offering would not be permitted.
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© Press Release 2010
