DUBAI: Abu Dhabi's Etisalat plans a bond issue worth up to 3.1 billion euros ($4.22 billion) split into four tranches, according to a document from lead arrangers provided on Monday.
The United Arab Emirates' largest telecom operator is considering two dollar tranches of the bond, of probably five- and 10-year tenors, plus two euro-denominated tranches of seven and 12 years' duration.
This confirms the structure which sources told Reuters last week the operator was planning.
Etisalat, which last month mandated banks for the bond issue, may also issue a 30-year tranche, the document stated. No time frame for the issue was given in the document.
Etisalat is meeting fixed income investors in London on Monday and Tuesday, having already held roadshows in the Middle East, Asia and continental Europe.