Kuwait’s Zain Group has closed a US$800m five-year revolving credit facility, replacing a US$867m revolver which expires this month.
The company said the facility was upsized from an initial US$600m following “strong response from banks”.
Credit…
Kuwait’s Zain Group has closed a US$800m five-year revolving credit facility, replacing a US$867m revolver which expires this month.
The company said the facility was upsized from an initial US$600m following “strong response from banks”.
Credit Agricole acted as coordinator, arranger and facility agent on the transaction. The other arrangers were Al Khaliji, Arab Bank, Arab Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, National Bank of Abu Dhabi, National Bank of Kuwait, Natixis, Samba Financial Group, RBS and Union National Bank.
Proceeds will be used for general corporate purposes.
The company, Kuwait’s largest operator, is present in several Middle Eastern countries and has been looking to bolster its presence in the North African market. Specifically, its CEO Scott Gegenheimer was recently quoted saying that Zain is considering increasing its stake in Moroccan mobile operator Inwi.