Zain refi talks ongoing
Zain Saudi Arabia is hoping to secure banking commitments for its US$2.5bn refinancing loan in the coming weeks with a view to raising the funds by June.
TelecomFinance understands that there is a small group of banks advising the operator on the deal.
The loan will be used to refinance an existing US$2.5bn two-year Islamic bridge loan used to finance its acquisition of the third mobile licence in Saudi Arabia. Citigroup and Samba Bank were the global coordinators on that deal although they are not believed to be driving the new facility.
One source from an international bank told TelecomFinance that it may not join the facility as there are plenty of local lenders ready to commit to the transaction.
The refinancing needs to be closed by July 29.
