Kuwait’s Zain completes $700m loan refinancing

Kuwait-based telecommunications group Zain has completed a five-year, $700m revolving credit facility with a number of regional and international banks.

The new facility refinances an $800m revolving syndicated loan completed in 2014 and will be used for general corporate purposes, according to a company statement seen by Reuters on Wednesday.

First Abu Dhabi Bank (FAB) acted as the sole coordinator of the new facility and also acted, along with Samba Financial Group, as bookrunner.

Arab Banking Corporation, MUFG Bank Ltd, Credit Agricole Corporate and Investment Bank, Citibank, Natixis and Union National Bank acted as joint mandated lead arrangers, according to the statement.

Last month, sources familiar with the matter told Reuters that Zain, Kuwait’s biggest telecom operator, was expected to sign the $700m financing towards late July.