Kuwait's Zain Telecom has repaid most of its debt following the $10.7 billion sale of its African units, but is still seeking to restructure a "small" debt, a company official has said.
"We have repaid most of our debt and what remains is a small loan but with a high interest rate that we are trying to restructure," Chief Operating Officer Barrak al-Sabeeh told reporters yesterday night.
He did not disclose the size of the debt.
Sabeeh said the company is seeking to obtain a revolving facility of $1.5 billion that it can use in part to repay the small debt.
In June, Kuwait's largest mobile operator sold its units in 15 African nations to India's telecom giant Bharti Airtel for $10.7 billion. Zain said it made a profit close to $3 billion from the sale.
