Kuwait’s Zain Group refinances $700 mln revolving credit facility

Kuwait-based Zain Group has announced the closing of a $700 million, five-year revolving credit facility with a syndicate of regional and international banks.

The transaction refinances a $800 million revolving credit facility arranged in 2014. It will be used for general corporate purposes, Zain said in a statement on Wednesday.

First Abu Dhabi Bank (FAB) acted as the sole coordinator of the facility. FAB and Samba Financial Group acted as bookrunners. 

The facility was oversubscribed in syndication and as a result, each lender’s original commitment was scaled back at signing, the statement added.

Zain Group recently announced its net profit increased 5 percent year-on-year for the first six months of 2018, with customer growth of 5 percent, and data revenues increasing 10 percent over the same period.