UAE's Etisalat raises $1.2bln through Euro bonds

Proceeds to be used to repay maturing seven-year Euro tranche in June

  
Etisalat business center, Dubai. Image used for illustrative purpose.

Etisalat business center, Dubai. Image used for illustrative purpose.

Etisalat/Handout via Thomson Reuters Zawya

Abu Dhabi-based telecoms operator Etisalat completed the issuance of its 1 billion euros ($1.2 billion) bonds under its $10 billion Euro Medium Term Note (EMTN) programme, it said in a statement to Abu Dhabi Exchange (ADX) where it is listed.

The dual tranche bonds included the seven-year note of 500 million euros with an annual yield of 0.4 percent and the 12-year note of 500 million euros with yield of 1 percent.

The proceeds from the issuance, which was six times over-subscribed, will be used for the repayment of the maturing seven-year Euro tranche amounting to 1.2 billion euros in June 2021, the telecoms company said.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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