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Bharti ties up $8.3 bn debt for Zain Africa deal

Bharti ties up $8.3 bn debt for Zain Africa deal
PTI
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First Published: Sun, Mar 21 2010. 05 11 PM IST
Updated: Sun, Mar 21 2010. 05 11 PM IST
New Delhi: Bharti Airtel on Sunday announced tying up of $8.3 billion debt for the proposed acquisition of the Kuwait-based Zain Telecom’s African unit.
“The financing was over-subscribed with major international banks committing to underwrite the total amount,” the company said in a statement here.
For $7.5 billion for financing, the lead - arrangers are Standard Chartered Bank, Barclays, SBI Group, ANZ, BNP, Bank of America-Merril Lynch, Credit Agricole CIB, DBF, HSBC, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp.
In addition to the dollar financing, the SBI Group has committed up to $1 billion in rupee loan to Bharti, the company said.
Bharti is in exclusive talks with Zain till 25 March to acquire the African operations of the Kuwait-based telco.
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First Published: Sun, Mar 21 2010. 05 11 PM IST