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The mainly state-owned company added Bank of
Tokyo-Mitsubishi UFJ, Morgan Stanley, National Bank Of Abu Dhabi
and Natixis as passive bookrunners, three sources said, speaking
on condition of anonymity as the information is not public.
They join Deutsche Bank, Goldman Sachs, HSBC and RBS, who are
acting as the main bookrunners for the deal and were confirmed
by the company last week.
Proceeds from the bond sale would be used to repay short-term
debt under Etisalat's 3.15 billion euro ($4.3 billion)
multi-currency loan used to fund its purchase of Vivendi's 53
percent stake in Maroc Telecom, finalised last month.
The banks acting as the main bookrunners take charge of running
the bond sale to investors, with passive banks in a more
advisory role. Sources had told Reuters last week that Etisalat
could add passive bookrunners to the deal.
Etisalat, rated Aa3/AA-/A+ by the main credit rating agencies,
began meeting fixed-income investors on Sunday in Abu Dhabi and
Dubai and will head to Asia and Europe in the next few days.
Final meetings are scheduled for London on June 9 and 10, at
which point the maiden offering from Etisalat is expected.
The group is planning to split its potential bond deal into four
separate sections across two different currencies, two separate
sources briefed by the company told Reuters.
It may issue bonds of five and ten years duration denominated in
U.S. dollars, as well as in euros with a lifespan of seven and
12 years, they said, also speaking on condition of anonymity as
they were not authorized to speak to the media.
The company did not immediately respond to a request for
comment.
The company confirmed last week it could issue bonds in dollars
and/or euros. But its plans are subject to market conditions and
so the structure of the deal could change by the time it
finalizes the transaction.
(Additional reporting by Matt Smith; Editing by Andrew Torchia
and Jane Merriman)
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