AXIS, the Indonesian subsidiary of Saudi Telecom Company announced on 23 May 2011, the signing of a USD 1.2 billion financing deal with a tenor of 7.5 years with local and international financial institutions. The deal comprises three facilities: a USD450 million Murabaha commercial facility, arranged by Deutsche Bank and HSBC and underwritten by Deutsche Bank and Saudi British Bank (SABB); a USD400 million facility for equipment purchases from Huawei, underwritten by China Development Bank; and a USD350 million facility for equipment purchases from Ericsson, arranged by HSBC and backed by EKN, the Swedish Export Credit Agency. All facilities have been structured in a sharia compliant manner.
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