Zain nears USD2.5 billion refinancing deal

Business Intelligence Middle East reports that Zain is in talks with banks to arrange a deal to refinance USD2.5 billion worth of debt maturing on 27 July 2009. The original two-year facility was signed in September 2007 to help fund Zain’s entry into the Saudi Arabian mobile market. Zain’s chief communications officer Ibrahim Adel said, ‘We are looking to roll it over. We are in advanced discussions with banks, but nothing has been signed yet.’