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23-Apr-2018

Omantel issues correction regarding bond issuance

Oman Telecommunications Company (Omantel) [OTEL.OM] issued a correction regarding the issuance of a dual tranche bond, mentioning that the bond consists of a USD600mn bond, maturing in 2023 and paying an annual coupon of 5.625% and a USD900mn bond, maturing in 2028 and paying an annual coupon of 6.625%, according to a company disclosure. The company has previously mentioned that the proceeds of the bond will be used to repay the full amount of the bridge loan facility taken for the acquisition of the company’s stake in Zain Group [ZAIN.KW]. 
 
Omantel: OMR0.85 as of 22 Apr. 2018, Rating: Neutral, TP: OMR1.39/share, MCap: USD1,674mn, OTEL OM/OTEL.OM
 
Zain Group: KWD0.42 as of 22 Apr. 2018, Rating: Buy, TP: KWD0.49/share, MCap: USD5,396mn, ZAIN KK/ZAIN.KW
 

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