financing-for-the-bhartimtn-deal-is-progressing-well

Financing for the Bharti-MTN deal is progressing well

The Bharti-MTN deal requires $5 billion of loans, and the syndication, which is led by Standard Chartered and Barclays Capital, is attracting keen interest from banks.

Leading Indian telecommunications services provider Bharti Airtel will raise around $5 billion of financing for its deal with MTN, according to sources close to the situation. Informal commitments for the loans required are already in place and a number of banks have expressed interest in participating in both the dollar- and rupee-denominated facilities.

The deal between Bharti and Johannesburg-based cellular network operator MTN envisages the South African firm and its shareholders taking a 36% stake in Bharti, while the Indian company will acquire a 49% stake in MTN. The $5 billion is intended to be split into two tranches -- a $3 billion to $3.5 billion five-year dollar financing and a $1.5 billion...

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