Zain Saudi refinances $600 mln loan secured two months ago

August 16, 2016 6:00 AM

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DUBAI Aug 16 Telecommunications operator Zain Saudi Arabia said on Tuesday it would save 175 million riyals ($46.7 million) by using a Chinese bank to refinance a 2.25 billion riyal loan that it had secured just two months ago.

The new, $600 million loan was signed with Industrial and Commercial Bank of China; it has a two-year maturity with an option to extend by one additional year. The company said the savings on the new loan would come from better terms and the conversion of Saudi riyals to U.S. dollars.

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