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Overview

Bank of China (Hong Kong) contributes to $2 billion revolving credit facility to Qatar Telecom to support its international expansion strategy

Commitments (Constant USD, 2023)$184,618,281
Commitment Year•2007Country of Activity•QatarDirect Recipient Country of Incorporation•QatarOverseas Jurisdiction•Hong Kong (China)Sector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 30, 2007

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 (Hong Kong) Limited (BOCHK)

Cofinancing agencies

Joint Venture/Special Purpose Vehicles

  • Gulf International Bank B.S.C. (GIB)

Private Sector

  • ABN AMRO Bank NV
  • Barclays Bank PLC
  • BNP Paribas Fortis S.A./N.V.
  • DBS Bank Ltd.
  • Deutsche Bank Luxembourg S.A.
  • Doha Bank Q.P.S.C.
  • Fortis Bank
  • ING Bank N.V.
  • International Bank of Qatar (IBQ)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mashreqbank PSC
  • National Bank of Bahrain B.S.C.
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC

State-owned Banks

  • Qatar National Bank Q.P.S.C. (QNB)
  • Royal Bank of Scotland (RBS)

Receiving agencies

State-owned companies

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

Loan description

April 2007 $2 billion USD revolving credit facility from BoC and others to Qatar Telecom to support international expansion

Interest type•Unknown

Narrative

Full Description

Project narrative

On April 30, 2007, a syndicate of 18 banks — including the Bank of China (Hong Kong) (BOCHK) — entered into a $2 billion USD syndicated revolving credit facility (RCF) agreement with Qatar Telecom Q.S.C. (known as Ooredoo) — 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 — to support the company's international expansion strategy. A total of 18 financial institutions from a broad selection of countries participated in the lending syndicate. Members included Qatar National Bank (QNB) as Ooredoo's financial advisor and as a initial mandated lead arranger (MLA), Barclays and the Royal Bank of Scotland (RBS) as bookrunners and initial mandated lead arrangers (MLAs), BNP Paribas, DBS Bank, and Gulf International Bank (GIB) as additional initial mandated lead arrangers (MLAs), ABN AMRO Bank, JP Morgan Chase, Societe Generale, and Standard Chartered Bank as mandated lead arrangers (MLAs), Bank of China (Hong Kong) and International Bank of Qatar (Q.S.C.) (IBQ) as lead arrangers, and Deutsche Bank Luxembourg, Doha Bank, Fortis Bank, ING Bank, Mashreqbank, and National Bank of Bahrain as arrangers. Barclays also acted as facility agent. This revolving credit facility was Ooredoo's first loan from the international capital markets, intended to fund the company's aggressive acquisitions. On February 1, 2007, Ooredoo purchased 25% of Asia Mobile Holdings, a subsidiary of Singapore Technologies Telemedia. Then, on March 13, 2007, Ooredoo acquired Kuwait's National Mobile Telecommunications Co. (Wataniya) for $3.72 billion USD. Then, April 24, Ooredoo purchased 75% of Burraq Telecom, a Pakistani company.