Top Indian telecoms firm Bharti Airtel
The financing was oversubscribed, with major international banks committing to underwrite the total amount, Bharti said in a statement.
The Indian firm and Zain are in exclusive talks until March 25, marking the third time Bharti has tried to get its hands on a meaningful African business after two failed bids for South Africa's MTN
Bharti would pay a total $9 billion for acquiring Zain's assets in 15 African countries, and will also assume $1.7 billion of debt on the target firm's books. Of the $9 billion purchase price, $700 million would be paid to Zain one year after closing the deal, the companies have said.
For $7.5 billion of the financing, the lead advisor was Standard Chartered Bank
Other banks participating in the deal include top Indian lender State Bank of India (SBI)
In addition to the dollar financing, SBI has committed up to $1 billion equivalent rupee loans to Bharti which would also cover any associated transaction costs, the Indian telecoms firm said.
Bharti's board on Saturday met to discuss the $9 billion offer for Zain's African assets.
(Reporting by Devidutta Tripathy; Editing by Hans Peters)