Zain seeks $1.5b loan

24 Sep 2010

(MENAFN) Kuwait’s Zain, the Gulf region’s third-largest telecoms group by value, has approached banks for a $1.5 billion syndicated loan, banking sources close to the deal said.

The deal is likely to be structured as a conventional financing rather an an Islamic loan, one of the bankers added.

‘Zain confirms that it is in the process of considering options for a revolving credit facility of $1.5 billion to be used to refinance certain existing debts at lower rates as well as for other general corporate needs,’ Zain’s chief financial officer Ossama Matta said in a statement emailed to Reuters.

In June Zain agreed to sell the bulk of its African operations to India’s Bharti Airtel in a $9 billion deal.

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