Bharti Airtel has finalized funding for its proposed $10.7 billion acquisition of Zain Africa, excluding Morocco and Sudan – according to Dow Jones Newswires. The Indian company said it has secured $8.3 billion in bank loan to make the deal.
Standard Chartered acted as the lead arranger and adviser for $7.5 billion in financing, with Barclays Bank PLC as a joint lead adviser. Other banks involved include the State Bank of India Group, Australia and New Zealand Banking Group, BNP Paribas, Bank of America Merrill Lynch, Credit Agricole CIB, DBS Bank, HSBC, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp. In addition to the US dollar financing, State Bank of India Group has agreed to borrow $1 billion in rupee terms.
Bharti spokesman said the loans are very competitively priced, with both of them having tenure of just below five years. The initial $8.3 billion would be used as the first installment that needs to be paid by Bharti once the deal is finalized…
[Via: MobileBusinessBriefing]