Zain secures US$700 million revolving credit facility

Zain Group today announced the signing of a three-year US$700 million revolving credit facility to meet the company’s short to medium term funding needs for general corporate purposes.

Al Khalij Commercial Bank, Ahli United Bank, Arab Bank, Emirates NBD Capital Limited, National Bank of Abu Dhabi, Qatar National Bank Group and Standard Chartered Bank acted as the mandated lead arrangers. Standard Chartered Bank and QNB Group also acted as joint coordinators. QNB Group is the facility agent.

In recent years Zain has invested heavily in upgrading its mobile networks and in rolling out new services across all its operations. Most recently, the company introduced 4G LTE broadband services to several key markets namely Kuwait, Saudi Arabia and Bahrain as well as extensively upgrading and expanding networks in Iraq, Jordan, Sudan and South Sudan.