July 19, 2018 / 12:38 PM / 2 years ago

Kuwait’s Zain about to complete $700 mln loan - sources

DUBAI, July 19 (Reuters) - Kuwait-based telecommunications group Zain will soon complete a $700 million financing, sources familiar with the matter said.

Kuwait’s biggest telecom operator has mandated First Abu Dhabi Bank to coordinate the deal, which is a revolving credit facility with a five-year maturity.

Zain declined to comment.

The new facility refinances an $800 million revolving syndicated loan completed in 2014.

That transaction was provided by a group of 11 local and international banks, with Credit Agricole coordinating the deal.

The new loan, which is expected to be signed next week, will see the participation of around 10 banks, one of the sources said.

The deal is one of several loans being prepared in Kuwait.

Kuwait Foreign Petroleum Exploration Company (Kufpec), part of Kuwait Petroleum Corporation (KPC), is seeking a five-year loan of over $1 billion, sources told Reuters last month.

Another unit of KPC, Kuwait Integrated Petroleum Industries Company (KIPIC), was recently in the market for a large debt transaction, involving commercial banks and export credit agencies, for the construction of a liquefied natural gas import terminal, sources told Reuters earlier this year.

Editing by Kirsten Donovan

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