Ooredoo launches USD1.25 billion, 5 year sukuk

by  — 27 November 2013

Telecom firm Ooredoo has announced the pricing of a USD1.25 billion (QAR4.55 billion) 5-year sukuk issuance, a first for the company.

The sukuk will be issued by Ooredoo Tamweel Limited, a special purpose vehicle wholly owned by Ooredoo Q.S.C. Moody’s recently gave a provisional rating of (P)A2 to Ooredoo Tamweel Limited. 

According to a statement from Ooredoo, the sukuk will mature on December 3, 2018 and will have a profit rate of 3.039 percent. The sukuk will be listed on the Official List of the Irish Stock Exchange and admitted to trading on its Main Securities Market.

The net proceeds from the sale of the sukuk will be used by Ooredoo for general corporate purposes including re-financing existing indebtedness. Ooredoo mandated DBS Bank Ltd., Deutsche Bank AG London Branch, HSBC Bank plc, QInvest LLC and QNB Capital LLC to act as joint lead managers and joint bookrunners for the Reg S benchmark offering.

Dr. Nasser Marafih, chief executive officer, Ooredoo Group, said, the issuance demonstrates the growing maturity of sukuk as a debt instrument in global financial markets, adding that “The sukuk further diversifies our investor base and enhances our financial flexibility to execute our business strategy.”

The settlement of the offering is expected to happen on December 3, 2013 and is subject to customary settlement conditions.

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