Zain Saudi secures USD600m loan to repay previous borrowings

16 Aug 2016

Saudi Arabian telecoms operator Zain has inked a long-term commercial borrowing facility worth SAR2.25 billion (USD600 million) with a two-year tenor that is extendable by one additional year (until 8 August 2019). The new facility agreement signed with the Industrial and Commercial Bank of China will replace an existing syndicated facility, and the proceeds will be used to repay a commercial loan signed in June 2016. The previous loan was provided by a syndicate led by Arab National Bank and also included Banque Saudi Fransi, Gulf International Bank and Samba Financial Group. The new borrowing facility has improved terms and will reduce financing cost by approximately SAR175 million over the three-year period, Zain Saudi said.

Saudi Arabia, Zain Group, Zain Saudi Arabia