Kuwait's Zain says finalises $800m, five-year loan facility

March 04, 2014 - 9:31:55 am

KUWAIT: Kuwait's Zain has finalised an $800 million, five-year loan facility from banks, the telecommunications operator said in a statement to the Kuwait stock exchange on Tuesday.

Zain, which has operations in eight countries in the Middle East and Africa including Sudan, Iraq and Saudi Arabia, said the money would be used to meet the needs of the company in its various markets, without giving details.

Sources familiar with the deal said the loan's amortising structure would see Zain repay both interest and principal during the lifetime of the loan.

As opposed to a bullet facility where it would only pay interest during the tenure.

Zain has an existing $867 million debt facility maturing in March.

Royal Bank of Scotland and Union National Bank acted as lead arrangers.

Participating lenders from the Middle East are National Bank of Abu Dhabi, National Bank of Kuwait, Samba Financial Group, Al Khalij Commercial Bank, Arab Bank and Arab Banking Corp.

Bank of Tokyo-Mitsubishi UFJ, Crédit Agricole and Natixis are the other contributing banks. (Reuters)