Saudi Arabia’s Etihad Etisalat Company (Mobily) signed a 7.6 billion Saudi riyals ($2 billion) refinancing Murabaha Facility Agreement with Saudi banks.

The credit facility’s duration is 7 years and will replace an existing syndicate financing.

The refinancing agreement will significantly reduce the cost of debt for the company over the coming few years and it is part of the management’s continued efforts to improve liquidity and improve terms and conditions, Mobily said in a statement.

The group of financiers are: Riyad Bank (Agent), Arab National Bank, Banque Saudi Fransi, Saudi British Bank, SAMBA Financial Group.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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© ZAWYA 2019