Telecoms Ooredoo’s $500m bond oversubscribed more than 3 times By Pramod Kumar October 10, 2024, 10:32 AM Alamy via Reuters Ooredoo will use the net proceeds from the bond sale for general corporate purposes, including refinancing its existing debt Qatar telecom company Ooredoo has raised $500 million from a bond sale as part of its $5 billion global fund-raising initiative. The 10-year unsecured bonds, issued by Ooredoo International Finance Limited, a wholly owned subsidiary, are listed on the Irish Stock Exchange. Priced with an annual coupon rate of 4.625 percent, the bonds achieved a spread of 88 basis points over 10-year US Treasuries, the tightest spread ever secured by Ooredoo and one of the lowest for an emerging market corporate issuer, the company said in a statement. The issuance was oversubscribed by 3.6 times, attracting diverse investors, including asset managers, fund managers, insurance and pensions companies, banks and sovereign wealth funds, from the US, the UK, Europe, Asia and the Mena region. Ooredoo secures $552m loan for data centre expansion It is vital we protect the Gulf’s internet super-corridors e&’s PPF deal gets European Commission nod Net proceeds will be used for the company’s general corporate purposes, including refinancing its existing debt. Last month Ooredoo secured a QR2 billion ($552 million) financing deal to accelerate the development of its data centres and artificial intelligence ventures. Ooredoo, listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange, reported a 5 percent year-on-year decline in net profit to QAR913 million in the first quarter of 2024.
