Saudi Arabia's Etihad Etisalat (Mobily) signed a 10 billion riyals (US$2.67 billion) sharia-compliant loan refinancing with a group of seven local banks, the telco said on Sunday, taking advantage of favourable borrowing rates in the kingdom.
Mobily, Saudi Arabia's second-largest telecoms operator by market capitalisation, rolled three existing facilities into a new, four-tranche Islamic loan with tenors of between five and seven years, the statement said.
Mobily said it undertook the refinancing now, rather than in the future, because of the attractive borrowing rates currently available in the local bank market.
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