Zain in talks to refinance USD2.5bn loan

1 Mar 2012

The Saudi Arabian cellular operator Zain Saudi is thought to be in talks with lenders aimed at refinancing a USD2.5 billion Islamic loan facility which is set to mature in July. A report from Bloomberg cites local sources as saying that the operator is unable to repay the loan now so is looking to refinance. Zain Saudi arranged the USD2.5 billion loan with a group of eight banks in August 2009 to finance its ongoing network expansion, and investors approved a six-month extension of the loan in January this year.

Saudi Arabia, Zain Saudi Arabia