Mobile Telecommunication Company Saudi Arabia (Zain KSA) has signed a SAR 2.25 billion Murabahah facility with a consortium of local and regional banks to refinance its existing $600 million facility with Commercial Bank of China (ICBC).

Zain KSA stated that the facility is fully secured by a corporate guarantee and the maturity could be extended for one year at the Zain’s KSA request.

Banque Saudi Fransi (BSF) acted as the documentation bank of the facility and investment agent. Al Rajhi Bank was appointed bookrunner and mandated lead arranger together with Arab National Bank and First Abu Dhabi Bank.

HH Prince Nayef bin Sultan bin Mohammed, the Chairman of Zain KSA, said, “This agreement will allow the company better capabilities to explore growth opportunities in the digital services that may arise in the future.”