Mobily signs two long-term credit agreements for SAR 2.1bn

Etihad Etisalat Company (Mobily) signed, yesterday in Barcelona, two long term credit agreementsfor a total of SAR 2.1 billion (SAR 1.05 billion with the Swedish Export Credits Guarantee Board (EKN), and SAR 1.05 billion with the official Export Credit Agency of Finland (Finnvera), without any guarantee from the company.
 

The purpose of this is getting telecommunications equipment from Ericsson, and Nokia Siemens Networks.

The appointed banks are Credit Agricole, Deutsche Bank and Societe General as MLAs (mandated lead arrangers).

 Both facilities have a term of 10 years, and shall be utilized over a period of 1.5 years.

The amounts will be repaid on 17 semi-annual equal installments, and have been priced at a competitive fixed rate of 2.4% per annum.

The agreements are being arranged on Shariah-compliant basis.