Saudi mobile operator Etihad Etisalat (Mobily) has decided to refinance a $400 million Islamic loan.
The company plans to restructure its debt in a way that the short-term loan, used in 2008 to finance Mobily’s acquisition of data services provider Bayanat alOula, is transferred into a mediumterm loan over a four-year period. The banks and financial institutions involved in the process are the Samba Financial Group, National Bank, Riyad Bank and SABB, HSBC’s Saudi affiliate.
