Mobily in talks with banks to refinance SAR 8 bln debt

Etihad Etisalat Co. (Mobily) is in talks with banks to refinance as much SAR 8 billion ($2.1 billion) of debt to lower borrowing costs, Bloomberg reported, citing people familiar with the matter.

“Mobily has been gauging appetite from lenders to participate in the refinancing and plans to start formal discussions before the end of the year,” the report said.

According to data compiled by Argaam, Mobily’s net debts reached SAR 11.28 billion by end of second quarter 2019 compared to SAR 12.17 billion during the same period 2018.