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Tue 6 Mar 2012 12:48 PM

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Nawras signs US$149m funding deal

Oman telco says five-year funding will refinance debt for future investments

Nawras signs US$149m funding deal
“The deal will allow the company to refinance its existing indebtedness on more flexible terms."

Oman’s Nawras has
signed a five-year US$149m funding deal to refinance its debt and for future
investments, the telco said. 

The
new facility consists of a term loan of US$87m and revolving credit facility of
OMR24m from a consortium comprising Bank Muscat, DBS Bank, Qatar National Bank
(Doha and Muscat), and The Bank of Tokyo-Mitsubishi, Nawras said.

“The
deal will allow the company to refinance its existing indebtedness on more
flexible terms and facilitates future investments,” the company said in a
statement.

Nawras,
which is majority owned by Qatar Telecommunications,
reported a flat fourth quarter net profit of OMR11.9m on January 30. CEO Ross Cormack told Reuters the Omani group is targeting mobile
broadband to drive future revenue growth.

“If you consider the story of the growth of mobile
voice, you can imagine we have got a similar growth prospects in mobile
broadband ahead of us,” he told the newswire.

“Smart phones are taking the
market by storm as are tablets so we are seeing data usage go through the
roof,” he added.

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