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Tue 4 Mar 2014 02:30 PM

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Kuwait’s Zain gets $800m syndicated loan

Telco gets five-year facility from 11 lenders; to be used for general corporate requirements

Kuwait’s Zain gets $800m syndicated loan
GCC telecoms

Kuwaiti telecommunications operator Zain Group has secured an $800m amortising revolving credit facility from a syndicate of 11 banks.

The loan, upsized from an initial $600m, will have a maturity of five years and will be used to support general corporate requirements.

The participating banks include Al Khalij Commercial Bank, Arab Bank, The Bank of Tokyo-Mitsubishi, Credit Agricole, National Bank of Abu Dhabi, National Bank of Kuwait, Samba Financial Group and The Royal Bank of Scotland. Union National Bank was the arranger.

Zain, Kuwait’s number one telecoms operator, in its most recent financial quarter posted a profit of $180.6m, representing near flat growth. The company’s earnings were impacted by Sudan’s devaluation of its currency by 35 percent.

The company’s CEO Scot Gegenheimer told Arabian Business last week that Zain would be seeking to increase its stake in Moroccan mobile operator inwi from its current 15.5 percent shareholding.

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