Saudi Arabia’s Etihad Etisalat Co. (Mobily) has signed a 3 billion Saudi riyals ($800 million) financing agreement with Alinma Bank.

The duration of the credit facility is ten years, and it’ll be used to replace the existing financing, as well as for general corporate purpose including capital expenditure, Mobily said in a bourse statement on Tuesday.

The financing is part of the company’s effort to improve liquidity and reduce financing costs, but it provides the company with “additional credit flexibly, and not compulsory to the company to utilize the total facility amount”, the statement said.

(Writing by Nada Al Rifai; editing by Seban Scaria)

(nada.rifai@refinitiv.com)

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