Zain Group, a pioneer of mobile telecommunications across the Middle East and Africa, announced closing of a USD 800 million 5-year amortizing syndicated revolving credit facility for general corporate purposes.
The facility, which was initially planned for USD 600 million, was upsized to USD 800 million following an exceptionally strong response from banks. A total of 11 lenders participated, illustrating the high level of support for Zain Group among the regional and international financial community.
Al Khalij Commercial Bank QSC, Arab Bank PLC, Arab Banking Corporation BSC, Bank of Tokyo-Mitsubishi UFJ, LTD., Credit Agricole Corporate and Investment Bank, National Bank of Abu Dhabi PJSC - Kuwait Branch, National Bank of Kuwait, Natixis, Samba Financial Group, The Royal Bank of Scotland plc, and Union National Bank PJSC acted as Arrangers of the Facility.
Credit Agricole Corporate and Investment Bank also acted as Coordinator and is the Facility Agent.
Commenting on the facility, Zain Group CEO Scott Gegenheimer said, "The response to this facility is a testament to Zain's strong relationships with the banking community, and their confidence in the company's financial health and future business plans." Zain is a leading telecommunications operator across the Middle East and Africa providing mobile voice and data services to over 46.1 million active customers as of December 31, 2013. With a commercial presence in 8 countries, Zain operates in Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan, and South Sudan. In Lebanon, the Group manages 'touch' on behalf of the government. In Morocco, Zain has a 15.5 percent stake in 'INWI', through a joint venture.
Zain is listed on the Kuwait Stock Exchange.