04.04.2013 - Zain Saudi extends maturity of $600mln facility
Zain Saudi has extended the maturity of a $600 million facility until May 1, according to a statement on Saudi Arabia’s bourse, the latest debt roll over by the loss-making firm. This was due to be repaid on April 3, but Zain Saudi — an affiliate of Kuwait’s Zain — has extended the junior debt with the agreement of a lending syndicate led by Arab National Bank, and now has about $3 billion in loans maturing within the next four weeks. This murabaha facility — a Shariah-compliant cost-plus-profit arrangement — was originally due in July 2011, but has been put back multiple times...............................................Full Article: Source
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