Etisalat has established a bond and sukuk registration programme to help the company raise up to $8 billion (Dh29.3bn) ahead of its planned acquisition of Kuwaiti operator Zain.
Etisalat, the UAE's largest telecommunications operator, has begun the due diligence process to acquire a 51 per cent stake in Zain in a deal worth about Dh44 bn.
The deal is expected to close in the first quarter of next year and would make Etisalat one of the largest telecoms operators in the world.
In a statement to the Abu Dhabi Securities Exchange, Etisalat has opened a programme for a $7bn global medium-term bond and a $1bn sukuk.
Salem Ali al Sharhan, the group chief financial officer for Etisalat, said that the two programmes will be registered on the London Stock Exchange.
Mr al Sharhan dismissed earlier reports that the operator was looking to raise $12bn in funding. He also declined to comment for what purposes the funds would be allocated.
On Wednesday, Reuters quoted an unnamed banker who said Etisalat was in talks with 12 banks to borrow $1bn apiece to help fund its Zain acquisition.
dgeorgecosh@thenational.ae
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Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.