MOBILY SIGNS USD 650M CREDIT AGREEMENTS WITH VENDOR FINANCING

14/07/2013 Tadawul

Further to our announcement on the Tadawul website on 30 June, 2013 with respect to a Long Term vendor financing of approximately USD 650mn (SAR 2.4bn), Mobily signed two agreements on 11 July 2013, with the official Export Credit Agency of Finland (Finnvera) and the Swedish Export Credits Guarantee Board (EKN), for USD 325mn each (with no guarantees).
The purpose of the Shariah Compliant financing is to acquire network equipment from Nokia Siemens Networks (NSN) and Ericsson.

The total tenor of the facilities is 10 years, and will be utilized over a period of 1.5 years.

The loan will be repaid in 17 semi-annual equal installments, and has been priced at a very competitive fixed rate of 1.71% per annum.

This reflects the strong financial position of the company, especially in a rising cost of financing environment. 

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