Etisalat raises Euro 1.0 billion through 7-year and 12-year bonds

ABU DHABI: Emirates Telecommunications Group Company has successfully issued 7 and 12 years bonds under its established USD 10 billion “Euro Medium Term Note” (EMTN) Programme.

Etisalat is rated Aa3 stable (Moody’s) and AA-Stable (S&PGlobal). The bonds issuance was completed after conducting roadshows with international investors on 4th and 5th of May 2021.

The issued bonds are denominated in Euro and consist of two tranches:

7 years tranche: Euro 500 million with annual yield of 0.4%.

12 years tranche: Euro 500 million with annual yield of 1%

Net proceeds from the issuance of the bonds that was 6 times over-subscribed will be used for the repayment of the maturing 7-year Euro tranche amounting to EUR 1.2 billion in June 2021.

Emirates Telecommunication Group Company PJSC, branded trade name Etisalat, is a multinational Emirati based telecommunications services provider, currently operating in 15 countries across Asia, the Middle East and Africa.

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