The United Arab Emirates’ telecom firm Etisalat has finalized a $1.2 billion Euro bond issuance, according to WAM news agency.

The group issued the bonds to refinance a maturing bond tranche issued in 2014 to acquire a controlling stake in Morocco’s Maroc Telecom.

Bonds were issued in two tranches: The first covered seven-years, and amounting to $608 million with an annual yield of 0.4 percent. The second covers twelve years, and is of equal value to the first, with an annual yield of one percent. The issuance was oversubscribed by six times from local and international investors.

The company aims to diversify its funding and extend the repayment schedule of its existing debt, according to WAM.

Etisalat currently holds credit ratings of Aa3 stable from Moody’s, and AA stable from S&P Global.