Saudi Arabian mobile operator Zain KSA has extended the maturity of a SR9.75bn (US$2.6bn) loan facility by two months to 28 November 2012.
The loan was due to expire on 27 September, after it was previously extended from July following delays with the…
Saudi Arabian mobile operator Zain KSA has extended the maturity of a SR9.75bn (US$2.6bn) loan facility by two months to 28 November 2012.
The loan was due to expire on 27 September, after it was previously extended from July following delays with the company’s US$1.69bn rights issue.
According to a stock exchange filing, Zain KSA paid back SR750m (US$200m) of this facility on 27 August. The company said it was close to securing a long-term agreement with lenders to restructure the remainder of the debt.
Zain KSA’s rights issue was held from 10-17 July, resulting in the company’s parent group increasing its stake in the unit from 25% to 37%.
Saudi Fransi Capital was lead manager of the issue, which was part of a wider restructuring that saw Zain KSA lowering its capital, from SR14bn to SR4.8bn (US$3.7bn to US$1.3bn), to reduce accumulated losses.