Dubai: Emirates Telecommunications Corp (etisalat) on Tuesday said it plans to return to the bond market as it seeks to sell debt under its $7 billion (Dh25.7 billion) global medium-term note programme.
The company will issue bonds when the market conditions are favourable, it said in a statement to the Abu Dhabi Securities Exchange.
The telecommunications company, which raised $4.3 billion from its debut sale in June, is rated Aa3/AA-/A+ by the main credit agencies.
The securities will be part of the 2.375 per cent June 2019 notes that raised $500 million last year, Bloomberg reported quoting two people with knowledge of the deal.
The issue, expected to be completed on Tuesday, may be priced at a spread of about 0.8 percentage points above the midswap rate, said the sources, asking not to be identified because the information is still private. HSBC and National Bank of Abu Dhabi are bookrunners to the issue.
Meanwhile, etisalat recorded a 14 per cent rise in net profit in the first quarter of 2015 to Dh2.45 billion.
The company had approved of a 70 per cent cash dividend and 10 per cent bonus share scheme for 2014.
