Mobilink, Pakistan's market leader in cellular communication services with more 20 million customers and part of the Orascom Telecom group, announced on Wednesday that its GSM mobile services operation had successfully priced and placed $250 million of senior notes due in the year 2013 (the 'Notes').
Mobilink was rated B1 and B+, and the 'Notes' were rated B 3 and B+ by Moody's and Standard & Poor's, respectively. Mobilink's credit rating is one notch better than Moody's rating of the Pakistani sovereign (B2) and at the same level as Standard & Poor's rating of the Pakistani sovereign (B+).
The offering is a benchmark transaction for Mobilink and for Pakistan. It is the first ever international Rule 144A/Regulation S high yield bond offering by a Pakistani corporate issuer and is also the first international corporate bond issuance by a Pakistani corporate issuer in 12 years.-PR
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