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Overview

Bank of China provides a $150 million USD revolving credit facility to Ooredoo for unspecified purposes

Commitments (Constant USD, 2023)$154,760,073
Commitment Year•2020Country of Activity•QatarDirect Recipient Country of Incorporation•QatarSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020
Last repayment (originally scheduled)
Dec 30, 2024

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • Ooredoo Q.P.S.C. (formerly Qatar Telecom Q.S.C. and Ooredoo Q.S.C.)

Loan description

Bank of China provides a $150 million USD revolving credit facility to Ooredoo for unspecified purposes

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In 2018, the Bank of China (BOC) entered into a $100 million USD revolving credit facility (RCF) agreement with Ooredoo Q.P.S.C. — a Qatar-incorporated telecommunications company majority-owned by entities of Government of Qatar but listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange and based in Doha, Qatar previously branded as Qatar Telecom and Qtel — for unspecified purposes. This loan carried a maturity period of five years and a final maturity date in 2023 and a floating interest rate based on LIBOR plus a margin. Record ID#107747 captures this RCF. In 2020, BOC entered into a $150 million USD RCF agreement with Ooredoo Q.P.S.C. for unspecified purposes. This loan carried a maturity period of five years and a final maturity date in 2025 and a floating interest rate based on LIBOR plus a margin. Record ID#107748 captures this RCF. In March 2023, BOC entered into a $250 million USD RCF agreement with Ooredoo for refinancing purposes. This RCF was divided into two tranches: a $100 million USD RCF tranche with a maturity period of approximately 2.333 years and a $150 million USD RCF tranche with a maturity period of five years. Both tranches carried an interest rate of Term SOFR plus an margin. This amendment-and-restatement agreement for the 2018 $100 million USD and 2020 $150 million USD RCFs, which were replaced and refinanced by the new RCFs. Record ID#107749 captures the $100 million USD RCF tranche. Record ID#107750 captures the $150 million USD RCF tranche. In December 2023, the borrower cancelled the $100 million USD RCF. As of June 30, 2024, no loan was outstanding under the $150 million USD RCF.

Staff comments

1. Ooredoo listed the following as uses of its loan facilities: general corporate purposes, purchase of telecommunication and related equipment, working capital requirements, and repayment or refinancing of existing borrowing facilities. It is unclear which use the BOC RCF was used for. 2. In 2018, state-owned Qatar Holding LLC (QH) owned 51.7% the shares of Ooredoo, the General Retirement and Social Insurance Authority of Qatar owned 12.5%, the General Military Retirement and Social Insurance Authority of Qatar owned 1.9%, and the state-owned Abu Dhabi Investment Authority in the United Arab Emirates owned 10.0%. In 2020, the General Retirement and Social Insurance Authority of Qatar owned 12.7%.