Airtel ties up $8.3-bn debt for Zain deal

President of the Confederation of Indian Industry (CII) and Chairman Bharti enterprises Sunil Bharti Mittal speaks during a press conference in New Delhi, India, Saturday, June 9, 2007. Mittal updated the media on his recent visit to the United States. (AP Photo/Mustafa Quraishi)

Bharti Airtel on Sunday announced tying up of $8.3 billion debt for the proposed acquisition of the Kuwait-based Zain Telecom’s African unit.

“The financing was over-subscribed with major international banks committing to underwrite the total amount,” the company said in a statement here.

For $7.5 billion for financing, the lead — arrangers are Standard Chartered Bank, Barclays, SBI Group, ANZ, BNP, Bank of America-Merril Lynch, Credit Agricole CIB, DBF, HSBC, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp.

In addition to the dollar financing, the SBI Group has committed up to $1 billion in rupee loan to Bharti, the company said.

Bharti is in exclusive talks with Zain till March 25 to acquire the African operations of the Kuwait-based company.