Airtel ties up $8.3-bn debt for Zain deal
Bharti Airtel on Sunday announced tying up of USD 8.3 billion debt for the proposed acquisition of the Kuwait-based Zain Telecom's African unit.business Updated: Mar 21, 2010 18:09 IST
Bharti Airtel on Sunday announced tying up of USD 8.3 billion debt for the proposed acquisition of the Kuwait-based Zain Telecom's African unit.
"The financing was over-subscribed with major international banks committing to underwrite the total amount," the company said in a statement in New Delhi.
For USD 7.5 billion for financing, the lead arrangers are Standard Chartered Bank, Barclays, SBI Group, ANZ, BNP, Bank of America-Merril Lynch, Credit Agricole CIB, DBF, HSBC, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp.
In addition to the dollar financing, the SBI Group has committed up to USD 1 billion in rupee loan to Bharti, the company said.
Bharti is in exclusive talks with Zain till March 25 to acquire the African operations of the Kuwait-based company.