Thursday, Apr 25, 2013
(This article was first published on Wednesday.)
DUBAI (Zawya Dow Jones)--Mobile Telecommunications Co. (ZAIN.KW), or Zain Group, has signed a three-year, $700 million revolving credit facility from banks to meet its short to medium term funding needs, the Kuwait-based telco said Wednesday.
"The new facility stretches out the maturity profile of the company's indebtedness and significantly lowers its average funding cost," Scott Gegenheimer, the company's chief executive, said in an emailed statement.
The mandated lead arrangers of the facility included Al Khalij Commercial Bank, Ahli United Bank, Arab Bank, Emirates NBD Capital, National Bank of Abu Dhabi, Qatar National Bank and Standard Chartered Bank.
Standard Chartered Bank and QNB Group also acted as joint coordinators, the statement added.
Write to Nikhil Lohade at nikhil.lohade@dowjones.com
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(END) Dow Jones Newswires
25-04-13 0348GMT
