Etisalat is moving forward with investor meetings for what could become the telecom's first public debt offering.
Etisalat on Tuesday notified the Abu Dhabi Securities Exchange that it had mandated banks to organise a series of fixed income investor meetings in the
Four banks —
Etisalat has been expected to issue bonds to fund part of its €4.2 billion (
The company has said that it raised €2.1 billion from 17 local and international banks as a one-year bridging loan for the purchase. This component is expected to be refinanced by the bond issue.
Meanwhile, etisalat may conclude a long-delayed deal to allow competition in
Etisalat and du have been unable to reach an agreement over so-called bitstream access, or network-sharing.
But now a company bond prospectus states that "etisalat anticipates that the bitstream access service will be launched by the end of 2014".
Etisalat has blamed a recent drop in fixed-line average revenue on people opting to use Internet-based phone calls, or voice-over Internet protocol, or VoIP.
"Competition from du has been a less significant factor in the level of fixed-line Arpu [average revenue per user] as du only has fixed-line operations in a limited number of regions within the
Etisalat says it faces competition from illegal and unlicenced VoIP services accessible in the
In May, du's chief executive
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- Investors Betting on ECB Stimulus Measures
- Jennifer Lopez Would Marry Again
- Hackers Get Homeland Security Employee Records
- Apple Stock Bounces Back Big Time
- 'Mythbusters' Build Team Gets the Boot
- Mo'Ne Davis a Big Winner Despite Loss
- Advocacy Group Calls for Chrysler Probe
- DHS Warns Retailers About Malware in Cash Registers
- Florida Judge Rules in Favor of GOP Voter Map