Middle Eastern telecom provider Zain Group closed a $700 million, five-year revolving credit facility with a syndicate of regional and international banks. The transaction refinances an $800 million revolving credit facility arranged in 2014. The facility will be used for general corporate purposes.
First Abu Dhabi Bank PJSC (FAB) acted as the sole co-ordinator of the facility. FAB and SAMBA Financial Group acted as bookrunners. Citibank London Branch, MUFG Bank, Arab Banking Corporation, Credit Agricole Corporate and Investment Bank, Natixis, DIFC Branch and Union National Bank were joint mandated lead arrangers. Arab Bank acted as a lead arranger. while FAB was appointed the facility agent on the transaction.
The facility was oversubscribed in syndication and as a result, each lender’s original commitment was scaled back at signing.
“The closing of this revolving facility, which saw the transaction being oversubscribed, exemplifies the confidence placed in Zain Group’s digital transformation strategy by the regional and international banking community. We are sincerely appreciative of this unwavering support,” said Bader Nasser Al-Kharafi, Zain Group vice-chairman and CEO.