Zain secures $700m credit facility

Seven banks contribute to facility to support corporate needs

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Zain secures $700m credit facility
Zain will use the funds for corporate needs. (Getty Images)
By  Roger Field Published  April 28, 2013

Kuwait's Zain Group has signed a three-year $700 million revolving credit facility with seven banks to support corporate needs.

"Despite the challenging financial environment, the successful closing of this $700 million credit facility is a significant vote of confidence by the international financial community in Zain's financial health and future business plans," said Scott Gegenheimer, CEO of Zain Group. "The new facility stretches out the maturity profile of the company's indebtedness and significantly lowers its average funding cost."

The facility has seven mandated lead arrangers consisting of: Al Khalij Commercial Bank, Ahli United Bank BSC, Arab Bank Plc, Emirates NBD Capital Limited, National Bank of Abu Dhabi PJSC, Qatar National Bank S.A.Q. Group (QNB Group), Standard Chartered Bank and QNB Group. Standard Chartered Bank and QNB Group also acted as joint coordinators. QNB Group is the Facility Agent.

Zain has invested heavily in its mobile networks and new services across its eight operations in recent years. Most recently, the company introduced LTE in markets including Kuwait, Saudi Arabia and Bahrain as well as extensively upgrading and expanding networks in Iraq, Jordan, Sudan and South Sudan.

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