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Saturday, November 28 - 2009

Clifford Chance advises on the first forward start facility agreement in the Middle East

Clifford Chance LLP has advised Qatar Telecom ("Qtel") on the first forward start facility agreement arranged for a Middle Eastern borrower. The facility is a $1.5bn forward start multi-currency revolving facility.

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The financing will provide the company with an enhanced capacity to continue to execute on its strategic vision to become one of the world's top 20 telecommunications companies by 2020.

Qtel secured the support of both international and regional lenders, including Barclays Capital, BNP Paribas, DBS Bank, The Bank of Tokyo - Mitsubishi UFJ, Ltd., and The Royal Bank of Scotland plc ("RBS"), as Initial Mandated Lead Arrangers and Bookrunners, with Qatar National Bank as an Initial Mandated Lead Arranger and General Financial Adviser to Qtel.

Greg Englefield, Counsel at Clifford Chance commented:
"We are delighted to have worked with Qtel and the lenders on this groundbreaking deal, and to continue our relationship with the Qtel team."


The Dubai office has worked on a number of financings for Qtel over the past three years. The Clifford Chance team consisted of Dubai based Partner Peter Avery, Greg Englefield (Counsel) and Emma Milne (Associate).
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