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First issuance since 2016 was more than three times oversubscribed Tribune News Network Doha Ooredoo on Wednesday today announced the successful pricing of its $1 billion issuance of senior unsecured notes. The notes are to be issued by its wholly-owned subsidiary Ooredoo International Finance Limited under the existing $5 billion Global Medium Term Notes programme on the Irish Stock Exchange. The notes will be unconditionally and irrevocably guaranteed by Ooredoo. The Notes will mature on April 8, 2031, and will have a coupon of 2.625 percent per year. The transaction was priced at a spread to the 10-year US Treasuries of 103.4 basis points. Net proceeds from the sale of the Notes will be used for Ooredoo’s general corporate purposes, including refinancing its existing indebtedness. The issuance was more than 3.4 times oversubscribed at its peak. The Notes are rated A2 by Moody’s, A- by S&P and A- by Fitch. The issuance was arranged and offered through a syndicate of joint lead managers and bookrunners comprising of Barclays Bank, BNP Paribas, Citigroup Global Markets Limited, Credit Agricole Corporate and Investment Bank, DBS Bank, Mizuho International, QNB Capital and Standard Chartered Bank. Ooredoo Group Managing Director Aziz Aluthman Fakhroo said, “It has been five years since our last bond issuance. We are delighted to see very strong demand from the US, Europe, Asia and the Middle East for Ooredoo’s recent bond issuance, which demonstrates the high level of confidence that the investors have in Ooredoo’s robust performance and strategy. We do highly appreciate the strong support of our long term banking partners and the trust of our investors.” The settlement of the offering is expected to occur on April 8, 2021 and is subject to customary settlement conditions.
