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Kuwait Zain telecom secures $800 mn loan facility

  • New Samsung Galaxy S5 smartphone (L), Gear 2 smartwatch (C) and Gear Fit fitness band are displayed at the Mobile World Congress in Barcelona February 23, 2014. REUTERS/Albert Gea)

KUWAIT CITY: Kuwaiti telecoms giant Zain said on Tuesday it has secured a syndicated revolving credit facility of $800 million (580 million euros) from 11 international and regional banks for general corporate use.

France's Credit Agricole Corporate and Investment Bank acted as coordinator and the facility agent for the loan, it said.

Other banks who contributed to the loan are Arab Bank, The Bank of Tokyo-Mitsubishi UFJ, National Bank of Abu Dhabi, National Bank of Kuwait, Natixis, Samba Financial Group and The Royal Bank of Scotland.

"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," said Zain Group chief executive officer Scott Gegenheimer.

In addition to Kuwait, Zain operates in seven other countries including Saudi Arabia and Iraq. It has around 46 million clients.

The company in which the Kuwaiti government holds a stake of almost 25 percent is one of three mobile operators in the Gulf state, along with the National Telecommunications Co. (Wataniya) and Kuwait Telecommunications Co. (VIVA).

 
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