Zain Saudi wins state backing on junior refi

Mobile telecoms firm Zain Saudi has signed a Sr2.25bn ($600m) government guaranteed three year Islamic financing facility. Saudi Arabia’s decision to provide an unconditional and irrevocable guarantee for Zain suggests that Gulf countries are becoming more willing to support the telecom sector, said Fitch in a research note, raising the possibility of cross-border mergers.

  • 07 Jun 2013

Arab National Bank, Banque Saudi Fransi, Gulf International and Samba Financial provided the new loan, which will be used to repay a Sr2.25bn facility that was due on May 1 until Zain negotiated an extension to June 5.

"In the short term, this will help limit the potential for ...

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