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The Associated Press February 12, 2012, 3:47AM ET

Saudi Mobily secures $2.7B Islamic loan

Saudi Arabian telecom firm Etihad Etisalat says it has secured a 10 billion riyal ($2.7 billion) Shariah-compliant loan from seven banks that allows its to consolidate several other loans into one.

The company, commonly known as Mobily, said in a statement on the Saudi Arabian stock exchange's website Sunday that the Islamic law-compliant loan was 3.5 times covered by the banks involved, and with more favorable terms than before. Mobily is Saudi Arabia's second largest telecom by market capitalization.

The loan involves four tranches, with tenors ranging from five to seven years.

Mobily said the loan refinanced three earlier loans of 10.8 billion riyals, secured in 2007, a 1.5 billion riyal loan secured in 2009 and a 1.2 billion riyal loan in 2010.

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