Bahrain’s leading telecom company Batelco has repaid its outstanding senior unsecured bond worth $473 million in full which was issued by a subsidiary company which was due on May 1, 2020.
$650 million worth bonds were allotted in 2013, with $177 million consequently repurchased and restored. The $473 million repayments were mainly funded through a $450 million term loan facility, Batelco shared in a statement.
Ahli United Bank and Bank ABC were the initial mandated lead arrangers and book runners for closing the facility, which was signed in March. For the transaction, AUB acted as the investment facility agent and ABC as the preferred global and conventional facility agent.
“Successful closing of this facility in a volatile and financially distressed market reflected the telco giant’s strong financial standing, its solid business model, prudent risk management and overall growth strategy.”