The facility will be used to refinance the company’s existing $600 million facility with the Industrial and Commercial Bank of China (ICBC) arranged in August 2016.
Tuesday 18, June 2019 BY KUDAKWASHE MUZORIWA
Mobile Telecommunication Company Saudi Arabia (Zain KSA) has signed a SAR 2.25 billion Murabahah facility with a consortium of local and regional banks to refinance its existing $600 million facility with ICBC.
Zain KSA stated that the facility is fully secured by a corporate guarantee and the maturity could be extended for one year at the Zain’s KSA request.
Banque Saudi Fransi (BSF) acted as the documentation bank of the facility and investment agent. Al Rajhi Bank was appointed bookrunner and mandated lead arranger together with Arab National Bank and First Abu Dhabi Bank.
HH Prince Nayef bin Sultan bin Mohammed, the Chairman of Zain KSA, said, “This agreement will allow the company better capabilities to explore growth opportunities in the digital services that may arise in the future.”