Batelco launches $650m seven-year bond issue

Dubai: Bahrain Telecommunications Co. launched a $650 million, seven-year bond on Monday, according to an arranging bank.

The final spread of 325 basis points over US treasuries is tighter than the initial price guidance of 350 basis points over US treasuries, the bank said.

BNP Paribas and Citigroup are jointly lead managing the bond sale after they helped arrange investor meetings for Batelco in Asia, the Middle East, and Europe last week.

Batelco earlier this month had completed the acquisition of the Monaco and Islands business division of telco Cable & Wireless Communications PLC for a total consideration of $570 million, a deal that was first announced in December.