Riyadh – Mubasher: Saudi Mobile Telecommunications Co.  (Zain KSA) inked a two-year long-term commercial refinancing agreement, extendable to an additional one year, with a total value of SAR 2.25 billion, with a banking coalition led by the Arab National Bank (ANB).

According to an announcement published on the Saudi Stock Exchange’s (Tadawul) website, the banking coalition includes ANB, Banque Saudi Fransi (BSF), Gulf International Bank (GIB) and Samba Financial Group.

The agreement was signed and will commence on 2 June 2016 till 31 May 2018, extendable till 30 May 2019.

By signing the refinancing agreement, Zain aims to replace the previous agreement with the same coalition dated 5 June 2013. The agreement is covered with an unconditional, irrevocable guarantee by Mobile Telecommunications Company K.S.C.P (Zain Group).

The principle amount will be made as a single payment at the maturity date. This agreement is a subordinated to the main joined Murabaha facility, at a value of SAR 8.5 billion.