(LAWFUEL) – Clyde & Co LLP has advised Emirates Integrated Telecommunications Company PJSC (‘du’) on its AED 3 billion (USD 817 million) dual currency syndicated loan facility.
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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