Ooredoo has finalized a $500 million issuance of senior unsecured notes, setting a new benchmark with a tight spread over U.S. Treasuries.
These notes, priced with an annual coupon rate of 4.625%, will mature in October 2034.
The transaction achieved a spread of 88 basis points over 10-year U.S. Treasuries, representing the narrowest spread in Ooredoo’s history. It also marks one of the lowest spreads for an emerging market corporate issuer and the lowest for a global telecommunications company on a 10-year bond since 2020.
The issuance saw strong demand, being oversubscribed by 3.6 times and attracting a diverse range of investors from the U.S., the United Kingdom, Europe, Asia, and the MENA region. The net proceeds will be used for Ooredoo’s general corporate purposes, including refinancing existing debt.
The notes were issued by Ooredoo International Finance Limited, a wholly owned subsidiary, under its $5 billion global medium-term notes program on the Irish Stock Exchange. The notes carry ratings of A2 by Moody’s and A by S&P.
