Zain lending to banks…

Kuwaiti telecoms group Zain, which launched a $1.2 billion loan last Friday, is offering banks four levels of participation in syndication, banking sources said.The financing is split between $400 million one-year term loan and an $800 million one-year revolver with two one-year extension options at the borrowers option. The margin on the term loan is 100 bps over Libor, while on the revolver it is 160 bps undrawn and 190 bps fully drawn.

Banks are invited to commit $100 million, $75 million, $50 million and up to $25 million for blended all-in pricing across both tranches of 213 bps, 206 bps, 201 bps and 192 bps, respectively.

As previously reported, the loan is being arranged by bookrunners and initial mandated lead arrangers Credit Agricole CIB, BNP Paribas, National Bank of  Kuwait and Standard Chartered.   

Arab Bank and WestLB are initial mandated lead arrangers on the transaction.

Source: Arabbusiness.com

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