Herbert Smith Freehills has advised a group of seventeen international, regional and local banks on a EUR 3.15 billion multi-currency club deal for Emirates Telecommunications Corporation (“Etisalat”). The financing has been raised using a DIFC SPV as borrower whose obligations are guaranteed by Etisalat, to fund the acquisition of Vivendi’s 53% stake in Maroc Telecom.
The financing is split between two facilities which can be utilised in USD or EUR, a short-term bridge loan of EUR 2.1 billion, and a EUR 1.05 billion, three-year bullet term loan.
The Herbert Smith Freehills team was led by partner Nadim Khan, who was supported by senior associate Louise Shelford and associate Aditi Sanyal.
“Herbert Smith Freehills has a strong relationship with Etisalat and we are delighted to have worked with the Banks and Etisalat on this important transaction”, said Nadim Khan.
