Zain Saudi refinances debt with ICBC

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Mobile operator Zain Saudi Arabia has refinanced a SAR2.25 billion ($600 million) two-year local currency working capital facility just two months after closing the original deal with Arab National Bank, Banque Saudi Fransi, Gulf International Bank and Samba.

The new $600 million two-year deal is dollar denominated and comes with a one-year extension option. Industrial and Commercial Bank of China (ICBC) is sole debt provider and arranger. According to a statement from Zain Saudi, the borrower is saving $46.7 million on its cost of debt by going with ICBC.