Zain KSA in long-term financing deal

Zain KSA, operator of the latest telecommunication network in the Kingdom, said it had agreed with its financing banks for an extension of the maturity date of its syndicated Murabaha facility to February 27.
The company said it is seeking to improve its financial situation by negotiating a new long-term financing arrangement that aims at replacing the Murabaha facility, which will provide Zain KSA and its financing banks more time to finalize the implementation of such long-term financing arrangement.
He said the new facility could also be extended further, stressing that it will announce any subsequent developments relating to this agreement as they arise.
Zain KSA’s Murabaha facility, amounts around SR 9 billion ($ 2.4 billion) after the successful prepayment of SR 750 million ($ 200 million) on August 27, 2012.