02 May 2011
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.
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.
Hopkins also thanked the company and other participating financial institutions for working hard to successfully close the transaction.
© Arab News 2011
