Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Zain Saudi Said to Hire Four Banks for $2.5 Billion 5-Year Loan

May 31 (Bloomberg) -- Mobile Telecommunications Co. of Saudi Arabia, known as Zain Saudi, hired four banks for a five-year $2.5 billion loan to refinance its Islamic facility that matures in July, according to two bankers familiar with the matter.

The company, 25 percent-owned by Mobile Telecommunications Co. of Kuwait, mandated Al Rajhi Bank, Banque Saudi Fransi, Arab National Bank and Standard Chartered Plc for the loan, the bankers said, who declined to be identified because the talks are private.

Zain Saudi will use the loan to refinance its existing $2.5 loan that matures on July 27, the bankers said.

A spokesman for Mobile Telecommunications Co. of Kuwait wasn’t immediately available for comment when contacted by Bloomberg News today.

Investors approved a six-month extension of the loan until July in January. Zain Saudi got the $2.5 billion Murabaha loan from eight banks in August 2009 to finance the company’s network expansion.

To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.