Mobile Telecommunication Company Saudi Arabia (Zain KSA) announces signing a new SAR 2.25 billion Islamic Murabaha facility agreement to refinance its existing commercial loan with better terms.
|Introduction||Mobile Telecommunication Company Saudi Arabia (Zain KSA) announces signing a new SAR 2.25 billion Islamic Murabaha facility agreement to refinance its existing USD 599,808,061.42 (SAR 2,249,280,230.33) commercial loan with better terms reflecting the improvement in the Company’s performances and the continuous trust and support of the core banking group participating in the transaction.|
|Date of receiving Credit Facility||2019-06-16 Corresponding to 1440-10-13|
|Creditor||A consortium of five banks: Al Rajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, First Abu Dhabi Bank PJSC (Saudi Branch), SAMBA Financial Group.|
|Credit Facility value||SAR 2.25 Billion|
|Credit Facility duration||Two years, with the option to extend it for one year at the Zain’s KSA request.|
|Guarantees provided for credit facility||This loan is fully secured by a corporate guarantee from Mobile Telecommunications Company K.S.C.P (Zain group).|
|Reason for Credit Facility||To repay the existing facility with Commercial and Industrial Bank of China indicated in the Company’s announcement on Tadawul website dated 16-08-2016, with with better terms and reduced cost Islamic Murabaha facility.|
|Additional Information||This agreement have better terms and conditions compared to the previous facility; hence, there is no material financial impact.|
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