Kuwait’s Zain Group has secured a three-year USD700 million revolving credit facility to meet its short- to medium-term ‘general corporate’ funding requirements, the company said in a press release. The mandated lead arrangers, responsible for the structure, organisation and execution of the syndicated loan, were Al Khalij Commercial Bank, Ahli United Bank, Arab Bank, Emirates NBD Capital Limited, National Bank of Abu Dhabi, and Qatar National Bank. QNB Group and Standard Chartered Bank acted as joint coordinators, while QNB Group also operated as facility agent, supporting the administration and servicing of the syndicated loan facility.
According to the latest financial results for the twelve months ended 31 December 2012, Zain Group generated consolidated revenues of KWD1.28 billion (USD4.58 billion) compared to consolidated revenues of KWD1.32 billion in FY 2011. EBITDA for the same period amounted to KWD570.7 million, reflecting an EBITDA margin of 44.5%. Net income fell to KWD252.1 million in 2012, compared to net profit of KWD284.9 million in the previous financial year.