Zain Saudi Arabia, the country’s third-largest mobile operator, is in talks with lenders to refinance its $2.5bn Islamic syndicated loan that matures in July, banking sources close to the deal said.
The firm has come under pressure to restructure its capital after losses pushed it close to a limit on capital losses imposed by the bourse. The original Murabaha loan was secured in 2009 to back the company’s network expansion, with two tranches consisting of $775m and SR6.46bn ($1.72bn)………………………………………..Full Article: Source