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Company Financing:
The company today announced an Dhs3bn medium term syndicated loan facility to finance its network expansion over the coming years.Osman Sultan, the CEO of du, said,
'We are pleased to have secured our medium term funding requirements through working closely with Mashreq whom we have appointed to lead the transaction on our behalf. The faster acquisition of subscribers, and consequently increased revenue, over and above that included in our initial business plan has led us to pull forward certain capital expenditure. This financing facility will enable us to roll out our network infrastructure faster so that we have the increased capability and capacity required to deliver our services to more customers across the Emirates.'
Omar Bouhadiba, Head of Corporate & Investment Banking Group in Mashreq said, 'We are delighted to be working with du; in underwriting this facility we have shown our commitment to the second telecom operator of the UAE. We are very pleased to lead the transaction for one of the foremost listed companies in the country, which carries behind it the ownership strength of the UAE Government. In a very short period of time, since its inception, du has surpassed all expectations and built up an envious franchise. Having led a number of high profile transactions in recent months, Mashreq will employ its vast experience and network to secure a successful syndication for du.'
It is expected that the facility will be syndicated to local and international financial institutions over the coming 3 months.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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