May 01 2011 |
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Zain Saudi Arabia closes SAR 2,250 Million Multi-Currency Syndicated Loan Facility
Arab National Bank (" ANB "), as Coordinator, led a bank group consisting of Al Khaliji Commercial Bank Q.S.C (" al khaliji "), Banque Saudi Fransi ("BSF") and Gulf International Bank B.S.C (" GIB ") that has closed and funded a two year conventional SAR 2,250 million (equivalent to US$ 600 million) multi-currency syndicated term facility for Zain KSA . The new facility will be used to refinance and upsize an existing US$ 585 million facility, as part of the ongoing development of the company's financial structure. Fault negligenceCommenting on closing the facility, Mr. 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. Mr. Hopkins also thanked the Company and the other participating financial institutions for working hard to successfully close the transaction.
Arab National Bank , a Saudi Joint Stock Company, is one of the top ten banks in the Middle East. With a capital base of USD 1.73 billion, ANB offers a full range of commercial and Islamic banking products and services to the retail and corporate sectors. The Bank also offers, through its investment arm ANB Invest, corporate finance, assets management, and brokerage services. ANB is "A" rated by Standard & Poor's and Fitch, A1 by Moody's, and A+ by Capital intelligence.
Banque Saudi Fransi , a Saudi Joint Stock Company, is one of the largest corporate banks in Saudi Arabia. It is affiliated with Credit Agricole Corporate and Investment Bank that holds an equity interest of 31.1%. BSF offers a full range of commercial and corporate banking services including financing for international trade, contracting, structured construction and industrial loans, online brokerage and personal banking services. BSF is rated "A/A1" by Standard & Poor, "A/F1" by Fitch and "Aa3 / P1" by Moody's.
Zain Saudi Arabia
is a leading player in the dynamic and fast growing mobile telecommunication market of Saudi Arabia.
Zain KSA
provides voice, messaging, multimedia, call management, data and other services.
Zain KSA
network currently covers 93% of Saudi Arabia and has a customer base of 8.3 million as of end of 2010. It is part of the Zain group, a major pan-regional mobile operator, with networks spanning 8 countries in the Middle East.
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© Press Release 2011
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