Zain Saudi Arabia , the country's third-largest mobile operator, is in talks with lenders to refinance its $2.5 billion Islamic syndicated loan that matures in July, banking sources close to the deal said.
The firm has come under pressure to restructure its capital after losses pushed it close to a limit on capital losses
imposed by the bourse.
The original Murabaha loan was secured in 2009 to back the
company's network expansion, with two tranches consisting of
$775 million and 6.46 billion Saudi riyals ($1.72 billion).
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