Riyadh – Mubasher: Saudi Electricity Co. will sign an international syndicated revolving credit facilities agreement worth $ 2.15 billion (SAR 8.06 billion) on Thursday.

The facilities will be divided into two tranches; the first values at $1.58 million, with 3-year duration and the second tranche values at $572.5 million, with 5-year duration, the company said in a filing to the Saudi Stock Exchange (Tadawul).

The creditors are First Abu Dhabi Bank (FAB), Mizuho Bank Ltd, MUFG Bank Ltd, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, HSBC Bank Middle East Limited, the Hongkong and Shanghai Banking Corporation, JPMorgan Chase Bank, and Natixis, Saudi Electric said.

The company aims to obtain the credit facility for general corporate purpose, according to the filing.

Saudi Electricity previously reported a 6.4% year-on-year decline in profits for the third quarter of 2018.

Net profits registered SAR 4.9 billion in Q3-18, compared to SAR 5.26 billion in Q3-17.