Mobily refinances existing loans

Saudi Arabia's Mobily refinances three existing loans with local banks.
Mobily aims to streamline its finances by refinancing three existing loans.
Mobily aims to streamline its finances by refinancing three existing loans.

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Saudi Arabian telco Mobily is arranging an Islamic refinancing agreement with local banks to refinance the balance of three loans.

The agreements to be refinanced are: a SR 10.78 billion ($2.87bn) long-term loan, which it obtained in 2007; a medium-term SR 1.5 billion loan obtained in 2009; and a short-term SR 1.2 billion loan obtained 2010.

The refinancing arrangement will allow Mobily, which is an arm of the UAE’s Etisalat, to convert these three loans into a long-term loan, consisting of four trenches with terms ranging from five to seven years, and have credit facilities up to SR 10 billion in aggregate.

 

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