Batelco concludes $ 650 million bond repayment

By Rahul Vaimal, Associate Editor
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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.

Mikkel Vinter, CEO – Batelco

“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.”

“This transaction also demonstrates the ability of both AUB and ABC to lend and support the Bahraini economy and Batelco in such challenging times,” Mr. Vinter added.