May 02 2011 |
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Zain Saudi Arabia closes SR2.25bn loan facility
RIYADH: Arab National Bank ( ANB ), as coordinator, led a bank group consisting of Al-Khaliji Commercial Bank (Al-Khaliji), Banque Saudi Fransi (BSF) and Gulf International Bank ( GIB ) that has closed and funded a two-year conventional SR2.25 billion ($600 million) multi-currency syndicated term facility for Zain KSA .The new facility will be used to refinance and upsize an existing $585 million facility as part of the ongoing development of the company's financial structure.
Commenting on closing the facility, Ivan Hopkins, head of project and structured finance at ANB , said despite challenging regional market conditions, the facility received good response from the financial institutions in the region, reflecting its innovative structure and strong sponsorship.
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