Mobily concludes $2.1bn refinancing with Saudi banks

RIYADH — Mobily announced Wednesday that it has concluded successfully with a group of Saudi banks (National Commercial Bank, Banque Saudi Fransi, Samba Financial Group, Saudi British Bank, Riyad Bank and Al-Rajhi Bank) a SR 7.9 billion Murabaha facility to refinance a significant part of its current debt. The new facility has 7 years maturity with 2 years grace period and 5 years repayment period. The facility is unsecured and ranks pari-passu with all other existing facilities. This facility will allow Mobily to re-profile its debt in a manner more consistent with its cash flow generation and release any refinancing risk over the medium and long term. It reflects the increased confidence of the creditors in Mobily, its strong credit worthiness and its future prospects. — SG