4 Mar 2014
Kuwait-based telecoms company Zain Group has secured a five-year USD800 million revolving credit facility to meet its ‘general corporate’ funding requirements, it has announced. The mandated lead arrangers, responsible for the structure, organisation and execution of the syndicated loan, were Al Khalij Commercial Bank, Arab Bank, Arab Banking Corporation, the Bank of Tokyo-Mitsubishi UFJ, Credit Agricole Corporate and Investment Bank, National Bank of Abu Dhabi, National Bank of Kuwait, Natixis, Samba Financial Group and the Royal Bank of Scotland. Credit Agricole Corporate and Investment Bank acted as joint coordinators, while Investment Bank also operated as facility agent, supporting the administration and servicing of the syndicated loan facility.
According to the company’s latest financial results, covering the twelve months ended 31 December 2013, Zain Group generated revenues of KWD1.24 billion (USD4.4 billion), down by 3.9% from KWD4.58 billion reported in 2012. EBITDA for the period under review reached KWD538.0 million, while the company booked a net profit of KWD216.4 million in 2013, a 14.1% decrease on the KWD252.1 million reported twelve months earlier.