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Saudi telco Mobily in $560 mln deal to buy gear from Ericsson, NSN
February 27, 2014 / 8:36 AM / in 4 years

Saudi telco Mobily in $560 mln deal to buy gear from Ericsson, NSN

DUBAI, Feb 27 (Reuters) - Saudi Arabia’s Mobily has signed export credit agency agreements worth 2.1 billion riyals ($560 million) to buy equipment from Nokia Siemens Networks and Ericsson, the telecom operator said in a bourse filing.

The agreements, 1.05 billion riyals with the Swedish Export Credits Guarantee Board and the remainder with Export Credit Agency of Finland, have a tenor of 10 years and will be used over an 18-month period, Mobily said.

The company, also known as Etihad Etisalat and an affiliate of the United Arab Emirates’ Etisalat, will repay the loans in 17 semi-annual equal installments. The loans carry a fixed interest rate of 2.4 percent per annum.

Credit Agricole, Deutsche Bank and Societe Generale were lead arrangers for the loans. ($1 = 3.7503 Saudi riyals) (Reporting by Matt Smith; Editing by Louise Ireland)

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