Bahrain’s Investcorp hires Citi, JPMorgan for loan refinancing – sources

Founded in 1982, Investcorp is one of the oldest Middle Eastern private equity houses. (Courtesy of Investcorp)
Updated 19 May 2019

Bahrain’s Investcorp hires Citi, JPMorgan for loan refinancing – sources

DUBAI: Bahrain-based alternative investment manager Investcorp has mandated Citi and JPMorgan to coordinate the refinancing of a $400 million loan, sources familiar with the matter said on Sunday.
Founded in 1982, Investcorp is one of the oldest Middle Eastern private equity houses. As of the end of last year, it had $22.5 billion in assets under management.
The firm has hired the banks to coordinate the refinancing of a $400 million revolving credit facility it raised in 2016 which is due next year, said the sources.
Investcorp and Citi declined to comment. JPMorgan did not immediately respond to a request for comment.
The new revolving loan, with a maturity of four years renewable by one year, is being syndicated to other banks, said the sources.
A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
The 2016 loan included a euro-denominated tranche of around 110 million euros, according to Eikon Refinitiv data.
The refinancing comes amid a slowdown in the Middle East loan market, as borrowers have increasingly turned to bond issues to diversify their funding base and, more recently, to take advantage of favorable conditions across emerging markets. (Reporting by Davide Barbuscia; Editing by Mark Potter)


BT warns UK that banning Huawei too fast could cause outages

Updated 13 July 2020

BT warns UK that banning Huawei too fast could cause outages

  • Prime Minister Boris Johnson is due to decide this week whether to impose tougher restrictions on Huawei
  • British PM in January granted Huawei a limited role in the 5G network

LONDON: BT CEO Philip Jansen urged the British government on Monday not to move too fast to ban China’s Huawei from the 5G network, cautioning that there could be outages and even security issues if it did.
Prime Minister Boris Johnson is due to decide this week whether to impose tougher restrictions on Huawei, after intense pressure from the United States to ban the Chinese telecoms behemoth from Western 5G networks.
Johnson in January defied President Donald Trump and granted Huawei a limited role in the 5G network, but the perception that China did not tell the whole truth over the coronavirus crisis and a row over Hong Kong has changed the mood in London.
“If you are to try not to have Huawei at all, ideally we would want seven years and we could probably do it in five,” Jansen told BBC radio.
Asked what the risks would be if telecoms operators were told to do it in less than five years, Jansen said: “We need to make sure that any change of direction does not lead to more risk in the short term.”
“If we get to a situation where things need to go very, very fast, then you are into a situation where potentially service for 24 million BT Group mobile customers is put into question — outages,” he said.
In what some have compared to the Cold War antagonism with the Soviet Union, the United States is worried that 5G dominance is a milestone toward Chinese technological supremacy that could define the geopolitics of the 21st century.
The United States says Huawei is an agent of the Chinese Communist State and cannot be trusted.
Huawei, the world’s biggest producer of telecoms equipment, has said the United States wants to frustrate its growth because no US company could offer the same range of technology at a competitive price.