KARACHI, Nov 15: Mobilink, a part of the Orascom Telecom group, had priced and placed $250 million of Senior Notes due in the year 2013, a company press release issued on Wednesday stated.

It stated that Mobilink was rated B1 and B+ and the notes were rated B3 and B+ by Moody’s and Standard & Poor’s respectively.

The offering was stated to be 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,” the company stated.

The notes, which mature on November 13, 2013 and bear interest at a rate of 8.625pc per annum, will be callable beginning in November 2010 and include typical high yield covenants.

The proceeds of the issue would be used to fund ongoing capital expenditure for Mobilink’s network expansion and to repay a $100 million bridge facility drawn during the third quarter of 2006 to fund network investment. The issue completes the funding plan for Mobilink, the company said.

ABN AMRO Inc. and Deutsche Bank Securities Inc. were joint book-runners and joint lead managers for the issuance of the notes, with CI Capital Holding acting as co-lead manager on the issue.