|
Item |
Explanation |
|
Credit Facility type * |
Murabaha |
|
Announcement Title * |
Etihad Etisalat Co. announces the signing of SAR 7.6 billion refinancing Murabaha Facility Agreement with a group of Saudi Banks |
|
Introduction |
Etihad Etisalat Co. (Mobily) announces the singing of SAR 7.6 billion refinancing Murabaha Facility Agreement with a group of Saudi Banks |
|
Date of receiving Credit Facility *
|
06-04-1441 corresponding to 03-12-2019 |
|
Creditor *
|
A group of Saudi banks: Riyad Bank (Agent), Arab National Bank, Banque Saudi Fransi, Saudi British Bank, SAMBA Financial Group |
|
Credit Facility value *
|
SAR 7.6 billion |
|
Credit Facility duration *
|
7 years |
|
Guarantees provided for credit facility *
|
Un-secured
|
|
Reason for Credit Facility *
|
To replace the existing syndicate financing and to reduce the cost of financing with better financing Terms and Conditions
|
|
Related Parties *
|
Etihad Etisalat Co. Mobily’s board member Eng. Abdullah Al-Issa chairs Riyadh Bank Board. Also, Mobily board member Eng. Motaz Al Azzawi is a board member of Riyadh Bank.
|
|
Additional Information
|
The refinancing agreement will significantly reduce the cost of debt for the company over the coming few years and it is part of the company’s management continues efforts to improve liquidity and improve terms and conditions.
The company’s achievements enabled Mobily to obtain this new refinancing Murabaha facility with lower cost of debt and more favorable terms and condition which reflects the continuous improvement of the company credit rating and confirms the trust the lenders have in Mobily’s capabilities and the recognition of its achievements. |
Source: Mobily Press Release