Etihad Etisalat Co. announces the signing of financing agreement with Alinma Bank
| Element List | Explanation |
|---|---|
| Introduction | Etihad Etisalat Co. (Mobily) announces the singing of financing agreement with Alinma Bank to replace existing debt. |
| Date of Receiving the Credit Facility | 2019-11-19 Corresponding to 1441-03-22 |
| Financier | Alinma Bank |
| Credit Facility value | SAR 3 billion |
| Credit Facility duration | 10 years |
| Guarantees Provided for Credit Facility | Un-secured |
| Purpose of the Credit Facility | To replace the existing financing, and for the general corporate purpose including capital expenditure |
| Related Parties | N/A |
| Additional Information | This financing is part of the company’s management continues effort to improve liquidity, reduce the cost of finance and improve terms and conditions. Nonetheless, it provides the company with additional credit flexibly, and not compulsory to the company to utilize the total facility amount.
The success of this transaction reflects the continuous improvement of the company credit rating and confirms the trust the lenders have in Mobily’s capabilities and the recognition of its achievements. |
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