The medium term syndicated loan facility is the debut debt offering for the Dubai, UAE headquartered telecommunications operator and will finance increased investment and expansion in du's mobile and fixed networks over coming years.
Osman Sultan, the CEO of du, previously detailed the purpose of the financing, "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."
Ashley Painter, head of Clyde & Co's Middle East financial services practice, said "We were very pleased to assist du in this strategic financing arrangement which is a significant step in developing du's growth and business in the UAE."
The Clyde & Co team advising on the deal was led by Ashley Painter, assisted by associate Jill Nelson.
Mashreqbank and WestLB were the mandated lead arrangers and bookrunners, while a total of 16 banks joined the syndication.
Allen & Overy LLP acted as legal counsel to the Lenders.
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Clyde & Co advises du on Dhs3bn loan facility
- United Arab Emirates: Monday, August 11 - 2008 at 10:21
- PRESS RELEASE
Clyde & Co LLP has advised Emirates Integrated Telecommunications Company PJSC ('du') on its Dhs3bn ($817m) dual currency syndicated loan facility.
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Clyde & Co:Middle East: Clyde & Co is the largest international law firm in the GCC with over 130 specialist lawyers and paralegals operating as a single unit from offices in Dubai and Abu Dhabi in the UAE, and in Doha, Qatar.
The firm, which has been ranked in 2008 as the top law firm in the UAE for the fourth successive year by the international legal directory 'Legal 500', is one of the few law firms in the region with a 'full service' capability and has particular strengths in aerospace, banking & finance, cross-border trade & investment, intellectual property, international arbitration, trade disputes, mergers & acquisitions, corporate & commercial law, shipping, insurance, media & telecommunications, energy, capital markets, real estate & construction, and technology.
International offices: Clyde & Co is a leading international law firm with over 1,200 employees worldwide. The firm has offices in Abu Dhabi, Caracas, Doha, Dubai, Guildford, Hong Kong, London, Moscow, Nantes, New York, Paris, Piraeus, Rio De Janeiro, San Francisco, Shanghai and Singapore and associate offices in Belgrade and St Petersburg. The firm also has an exclusive co-operation agreement with a major law office in Iraq.
For further information about Clyde & Co in the Middle East please contact
Clinton Swan - Business Development & Marketing Manager (Middle East Region)
Clyde & Co
Tel: +971 4 312 8568
For further international information about Clyde & Co internationally please contact
Lisa Mercer - Head of Communications, London
Clyde & Co
Tel: +44 (0)20 7648 1981
www.clydeco.com
Posted by Lara Lynn Golden, News EditorMonday, August 11 - 2008 at 10:21 UAE local time (GMT+4)
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