Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) signed an agreement to reschedule its existing five-year syndicated Murabaha facility valued at SAR 3.85 billion maturing on 30 September 2020 (originally SAR 5.9 billion, and maturing in 2023).
The facility was extended until 2025 for a total amount up to SAR 6 billion with two years grace period at better commercial terms, according to a bourse statement on Tuesday.
Moreover, the deal includes a working capital facility of SAR 1 billion (originally SAR 647 million in 2018) until 2025, providing additional liquidity for Zain KSA to finance its business growth plans.
Hence, on 30 September, the company will only withdraw the outstanding amount of the existing agreement (SAR 3.85 billion) whilst the remaining amount will be withdrawn as per the firm's business requirements.
The agreement’s financiers are Al Rajhi Bank, Arab National Bank (ANB), Banque Saudi Fransi (BSF), National Bank of Kuwait (NBK), Samba Financial Group, Bank AlJazira, Gulf International Bank, and Credit Agricole.
This facility is partially secured by a guarantee from Mobile Telecommunications Company, a pledge of shares by some of the founding shareholders, and an assignment of certain contracts and receivables, the statement concluded.
