Zain Saudi Arabia, the country's third-largest mobile operator, has mandated Al Rajhi Bank,
Banque Saudi Fransi, Credit Agricole, Arab National Bank and Standard Chartered to lead the refinancing of its $2.5 billion Islamic syndicated loan that matures in July, bankers close to the deal said.
Saudi British Bank, National Bank of Kuwait and Gulf Bank are also expected to join the five-year facility, which includes different pricing for the U.S. dollar and Saudi riyal tranches.
Further syndication is unlikely, with the deal scheduled to sign by mid-July, the bankers added. Pricing is below the 425 basis points (bps) margin on the original Murabaha loan from 2009 that backed the company's
network expansion, one banker said.
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