Saudi's Mobily inks $560m deal for new equipment

Telecoms operator signs agreements with Nokia Siemens Networks and Ericsson

Saudi Arabia's Mobily has signed export credit agency agreements worth SR2.1 billion ($560 million) to buy equipment from Nokia Siemens Networks and Ericsson, the telecom operator said in a bourse filing.

The agreements, SR1.05 billion with the Swedish Export Credits Guarantee Board and the remainder with Export Credit Agency of Finland, have a tenor of 10 years and will be used over an 18-month period, Mobily said.

The company, also known as Etihad Etisalat and an affiliate of the United Arab Emirates' Etisalat, will repay the loans in 17 semi-annual equal installments. The loans carry a fixed interest rate of 2.4 percent per annum.

Credit Agricole, Deutsche Bank and Societe Generale were lead arrangers for the loans.

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