(MENAFN - Qatar News Agency) Abu Dhabi April 28 - Etisalat announced today the signing of a multi-currency club deal of EUR 3.15 billion with a group of seventeen international regional and local banks. The purpose of the financing is to fund the acquisition of the Vivendi's 53% stake in Maroc Telecom.
"Financing consists of two facilities which can be utilized in EUR and/or USD. Tranche A is a twelve months bridging loan amounting to EUR 2.1 billion at a price of EURIBOR plus 45 basis points for the first six months increasing by 15 basis points in each of he following three months. Tranche B is a three-years bullet term loan amounting to EUR 1.05 billion at a price of EURIBOR plus 87 basis point" the U.A.E. based telecommunications services provider said in a statement a copy of which was obtained by Qatar News Agency .
Utilisation of funds under the two facilities will take place at the closing of the transaction with Vivendi.
Vivendi SA is a French multinational mass media and telecommunication company headquartered in Paris France and Maroc Telecom is the main telecommunication company in Morocco.