DUBAI, March 4 (Reuters) - Kuwait’s Zain has finalised an $800 million, five-year loan facility from banks, the telecommunications operator said in a statement to the Kuwait stock exchange on Tuesday.
Zain, which has operations in eight countries in the Middle East and Africa including Sudan, Iraq and Saudi Arabia, said the money would be used to meet the needs of the company in its various markets, without giving details.
Sources familiar with the deal said the loan’s amortising structure would see Zain repay both interest and principal during the lifetime of the loan, as opposed to a bullet facility where it would only pay interest during the tenure.
Zain has an existing $867 million debt facility maturing in March. (Reporting by Matt Smith in Dubai, Editing by Andrew Torchia)