Qatar Telecom (Qtel) Q.S.C. (“Qtel” or “the Company”) (EPIC: QTEL.QA) announced today the completion of the general syndication of its US$1.5 billion forward start revolving facilities, of which the senior offering closed in February 2009.

Despite the current difficult global credit environment, the general syndication attracted additional subscriptions over US$1.5 billion, making the total facility more than 100% oversubscribed. In response to the substantial demand from investors for Qtel’s credit, the Company elected to increase the final facility size to US$2.0 billion. The facility will be used for general corporate purposes including refinancing of existing indebtedness. It will be utilized to refinance an existing US$ 2.0 billion facility maturing in November 2009.
 
The facility was arranged by the following banks; The Bank of Tokyo – Mitsubishi UFJ, Ltd., Barclays Capital, BNP Paribas, DBS Bank, The Royal Bank of Scotland plc and Qatar National Bank. Qatar National Bank acted as the general financial adviser to Qtel.