Etihad Etisalat Co. (Mobily) announces the signing of a Murabaha financing agreement with the Saudi National Bank (SNB)
| Element List | Explanation |
|---|---|
| Introduction | Etihad Etisalat Co. (Mobily) announces the signing of a Murabaha financing agreement with the Saudi National Bank (SNB). This agreement, characterized by favorable terms and competitive interest rates, is for working capital financing, in addition to an additional medium-term Murabaha financing to facilitate the partial refinancing of existing debt obligations and aligns with Mobily's long-term financial and its capital restructuring strategy objectives. |
| Date of obtaining the funding | 2024-01-17 Corresponding to 1445-07-05 |
| Financing entity | Saudi National Bank (SNB). |
| Financing amount. | SAR 4.8 billion. |
| Financing duration. | 7 years. |
| Guarantees offered for the financing | The agreement does not include any mortgages or financial guarantees. |
| Financing objective | Working capital financing in addition to an additional medium-term Murabaha financing for the purpose of partial refinancing of the Company's existing debt obligations. |
| Related Parties | N/A |
| Additional Information | Mobily will use SAR 3.685 billion from the financing agreement to facilitate partial refinancing of the Company's existing Syndicated Murabaha amounting to SAR 5.333 billion.
The Company’s financial and operational achievements along with its operational efficiency over the past years are key drivers to achieve an investment-grade credit rating and create an added value to its shareholders. This agreement signifies the trust of the financial institutions’ partners in Mobily’s capabilities and strategies. |
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