Calyon supports Zain in a refinancing exercise. The transaction consists of a USD 2.5 billion equivalent (funded in USD and in SAR) MurabahaA form of credit which enables customers to make a purchase without having to take out an interest bearing loan. The bank buys an item and then sells it on to the customer on a deferred basis.
  Facility. This transaction aims to refinance a 2-year bridge facility granted in July 2007. Calyon Saudi Fransi Ltd (CSFL), a joint venture of Crédit Agricole CIB and Bank Saudi Fransi (BSF, the Saudi affiliate of Crédit Agricole Group) acted together with Al Rajhi Bank as:

• joint financial advisor,
• initial mandated lead arranger and bookrunner.

The facility was successfully closed on August 10th, 2009. It was subscribed by Gulf Bank, NBK, Standard Bank, ANB and SABB in addition to the mandated lead arrangers.

The financing has been used to acquire the third mobile license in the Kingdom of Saudi Arabia by Zain KSC and to partly finance initial project costs.

The transaction is a landmark deal in the region this year, and certainly one of the most visible in the telecom field. It is an excellent example of cooperation between Calyon and BSF.

Calyon has led several transactions for the Kuwait-based mobile telephone operator. The Bank confirms its place as one of Zain’s leading international banks.

Zain Saudi is a mobile telecommunications major player in the Middle East. The group is active in 24 countries and is working with more than 69 million customers.