Mobily reaches deal with creditors to waive debt default

Etihad Etisalat (Mobily), Saudi Arabia’s second biggest telecom operator, has reached an agreement with remaining local and international banks and export credit agencies to waive default related to the breach of leverage covenant in connection with its debt facilities, the company said in a statement to the Saudi bourse.

Last December, Mobily said it had signed an accord with the majority of Saudi creditors to waive the breach of covenant under several loan facilities totaling SAR 12.1 billion. At the time, it was continuing talks with the remaining creditors.