Significant vote of confidence from the financial community as seven leading regional and international banks participate
Kuwait -24 April 2013: Zain Group announces today the signing of a three year US$700 million Revolving Credit Facility to meet the company's short to medium term funding needs for general corporate purposes.
Al Khalij Commercial Bank (al khalij), Ahli United Bank BSC, Arab Bank Plc, Emirates NBD Capital Limited, National Bank of Abu Dhabi PJSC, Qatar National Bank S.A.Q. Group (QNB Group) and Standard Chartered Bank acted as the Mandated Lead Arrangers. Standard Chartered Bank and QNB Group also acted as Joint Coordinators. QNB Group is the Facility Agent.
"Despite the challenging financial environment, the successful closing of this US$700 million credit facility is a significant vote of confidence by the international financial community in Zain's financial health and future business plans," commented Scott Gegenheimer, CEO of Zain Group. "The new facility stretches out the maturity profile of the company's indebtedness and significantly lowers its average funding cost."
In recent years Zain has invested heavily in upgrading its mobile networks and in rolling out new services across all its operations. Most recently, the company introduced 4G LTE superfast broadband services to several key markets namely Kuwait, Saudi Arabia and Bahrain as well as extensively upgrading and expanding networks in Iraq, Jordan, Sudan and South Sudan. Additionally, in September 2012, Zain entered into a partner market agreement with Vodafone that will support Zain on multiple commercial and marketing levels in providing customers a more enriching mobile experience.
About Zain
Zain is a leading telecommunications operator across the Middle East and North Africa providing mobile voice and data services to over 42.7 million active customers as of 31 December, 2012. With a commercial presence in 8 countries, Zain operates in the following countries: Bahrain, Iraq, Jordan, Kuwait, Saudi Arabia, Sudan and South Sudan. In Lebanon, the company manages 'touch' on behalf of the government. In Morocco, Zain has a 15.5% stake in Wana Telecom, now branded 'INWI', through a joint venture. Zain is listed on the Kuwait Stock Exchange (stock ticker: ZAIN).
For more information on Zain Group mobile operations across the region, please email: info@zain.com or visit:
© Press Release 2013
