Mobily signed last June 26 a long-term vendor financing agreement with Canada export credit agency or Export Development Canada (EDC) for $200 million equivalent to SR750 million (with no corporate guarantee). The purpose of the Shariah-compliant financing is to acquire telecommunications equipment from Alcatel-Lucent to upgrade/enhance the network. The appointed banks are Credit Agricole, Societe Generale & Bank of Tokyo Mitsubishi as MLAs (mandated lead arrangers). The total tenor of the facilities is 10.5 years, and will be utilized over a period of 2 years. The loan will be repaid in 17 semi-annual equal installments, and has been priced at a fixed rate of 2.52 percent per annum with a 3 percent upfront premium. — SG