Zain Group is still up and running, and to prove the point has signed a US$1.3bn syndicated loan, a spokesperson confirmed.
BNP Paribas, Credit Agricole, NBK and Standard Chartered are bookrunners and MLAs, while Arab Bank and West LB are also MLAs.
The…
Zain Group is still up and running, and to prove the point has signed a US$1.3bn syndicated loan, a spokesperson confirmed.
BNP Paribas, Credit Agricole, NBK and Standard Chartered are bookrunners and MLAs, while Arab Bank and West LB are also MLAs.
The transaction comprises a US$433m one-year term loan, which has a margin of 100 basis points over Libor, and a US$867m one-year revolver, which has a margin of 160 basis points if it is undrawn and 190 basis points if it is fully drawn, according to reports. Zain may renew the latter for another two one-year periods.
Reported participants in the syndication were Intesa Sanpaolo, Arab Banking Corporation, Bank of Taiwan, Chang Hwa Commercial Bank, Maybank, Mega International Bank, SinoPac Holdings and Taiwan Cooperative Bank.
Banks were able to commit US$100m, US$75m, US$50m and as much as US$25m, at respective prices of 213, 206, 201 and 192 basis points.
This is a renewed effort at securing a US$1.2bn loan, first mooted in September, before Etisalat’s blockbuster offer became official.
The originally mooted transaction was not expected to take the form of Islamic financing, and was aimed at refinancing existing debt.
