Zain operates across eight countries in the Middle East and Africa, including Saudi Arabia and Iraq, with approximately 46 million clients.
The company had originally planned to raise $600 million, before raising the size of the debt because of a strong response from the banks.
Zain said the capital injection will be used for corporate purposes, with the company’s existing $867 debt facility maturing this month.
It will be repaying interest and principal during the five year loan, according to sources close to the deal.
Royal Bank of Scotland and Union National Bank are the lead arrangers, with the National Bank of Dubai, National Bank of Kuwait, Samba Financial Group, Al Khalij Commercial Bank, Arab Bank and Arab Banking Corp also participating as lenders.
“The response to this facility is a testament to Zain’s strong relationships with the banking community, and their confidence in the company’s financial health and future business plans,” said Scott Gegenheimer, Zain Group’s CEO.
