Maroc Telecom raises $330 million in bond issuance on local market
Maroc Telecom
, Morocco's largest telecoms operator, has raised 3 billion dirhams ($330 million) in its first private
bond issuance
on the domestic market, it said on Tuesday.
The bond, with a two-year maturity and bullet repayment, was issued at a fixed rate of 2.37%, the company said in a statement.
The money will help the company refinance a part of its debt and support its investments in 5G and fiber optic development, it said.
Maroc Telecom, which is listed on the Casablanca stock exchange and on Euronext Paris, is 53% controlled by the UAE's Etisalat, while the Moroccan state holds a 22% stake.
Besides Morocco, it operates subsidiaries in Benin, Burkina Faso, the Central African Republic, Chad, Gabon, Ivory Coast, Mali, Mauritania, Niger and Togo.
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