Zain Saudi extends maturity on $600m facility

Telecom operator Zain Saudi has extended the maturity of a $600m facility until May 1, according to a statement on Saudi Arabia's bourse, the latest debt roll over by the loss-making firm.

This was due to be repaid on April 3, but Zain Saudi - an affiliate of Kuwait's Zain - has extended the junior debt with the agreement of a lending syndicate led by Arab National Bank, and now has about $3bn in loans maturing within the next four weeks.

The operator, which has yet to make a quarterly profit since launching services in 2008, last week extended a $2.4bn Islamic loan to April 30.

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