Pakistan Mobile set talk for $250 million five-year notes at 8¾%-9%

By Reshmi Basu

New York, Nov. 1 - Pakistan Mobile Communications Ltd. set price guidance for a $250 million offering of five-year senior unsecured notes at 8¾% to 9%, according to a market source.

ABN Amro and Deutsche Bank have the books for the Rule 144A and Regulation S offering.

The notes will come with a make-whole call and an equity clawback.

The Pakistan-based company provides mobile telecommunications services under the brand name Mobilink over its own GSM network to both retail and corporate subscribers. As of June 30, it had more than 17 million subscribers in Pakistan (excluding Azad Jammu and Kashmir and the northern areas), with a market share of 55.4% of the total mobile subscribers in Pakistan, according to information provided by the company.

The controlling shareholder is Orascom Telecom Holding SAE, which indirectly holds 88.69% of its shares.

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