Zain Saudi Arabia (Zain KSA) has been given an extra two months to repay a $2.6bn loan, the third time banks have granted to extension to the repayment deadline while the firm works on a refinancing.

The debt was due on 27 July, but this was extended by two months until the end of September. Lenders to the company have now granted Zain KSA another extension, while it finalises the refinancing deal.

Under the original terms of the deal the loan matured in February, but this was extended to give the firm more time to formulate a refinancing plan after a potential acquisition of Zain KSA collapsed in October 2011.