Emaar The Economic City Announces Rescheduling Term Loan Facility Agreement of up to SAR 1,000 Million Offered by The Public Investment Fund
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Emaar The Economic City (the “Company”) on the Saudi Exchange’s website on 29/07/1444H (corresponding to 20/02/2023G) regarding signing a loan facility agreement of up to one billion Saudi riyals with one of its substantial shareholders, the Public Investment Fund, for a term of (18) months from the agreement’s date on 28/07/1444H (corresponding to 19/02/2023G), the Company announces rescheduling the loan to extend the term from (18) months to (21) months. |
| Date of singing the rescheduling of finance | 2024-04-01 Corresponding to 1445-09-22 |
| Financing entity | The Public Investment Fund |
| Reasons for rescheduling | To provide additional support and runway for the Company to evaluate repayment or settlement alternatives for the facility. |
| The Financing amount and rescheduled part | The loan’s term has been fully extended from (18) months ending on 19 August 2024 to (21) months ending on 19 November 2024, without modification in the size of the facility being up to one 1,000 million Saudi riyals. |
| Financing Duration, before and after Rescheduling | The previous term was: 18 months, ending on 19 August 2024.
The new term is: 21 months, ending on 19 November 2024. |
| Guarantees offered for the rescheduled Financing | The original securities provided include security over certain real estate assets within King Abdullah Economic City (“KAEC”) with a market value of no less than SAR 1,500 million. The Company has also provided promissory notes pursuant to the agreement. The provided securities were not changed. |
| Related Parties | The Public Investment Fund, given that it is a substantial shareholder in the Company. |
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