RIYADH: Etihad Etisalat Co. (Mobily) has announced the signing of SAR 3 billion financing agreement with Alinma Bank to replace existing debt.

The duration of the financing is 10 years, which will be utilized to replace the existing financing, and for the general corporate purpose including capital expenditure.

This financing is part of the company management’s efforts to improve liquidity, reduce the cost of finance and improve terms and conditions. Nonetheless, it provides the company with additional credit flexibly, and it is not compulsory to the company to utilize the total facility amount.

The success of this transaction reflects the continuous improvement of the company credit rating and confirms the trust the lenders have in Mobily’s capabilities and the recognition of its achievements.