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SEC obtains $2.5bn revolving loan

SEC obtains $2.5bn revolving loan
SEC aims to refinance an existing revolving loan
SAUDI ELECTRICITY
5110
-0.56% 17.70 -0.10

Riyadh – Mubasher: Saudi Electricity Company (SEC) has signed a USD-denominated revolving credit facility agreement worth $2.57 billion.

The loan duration stands at three years starting from the date of obtaining the funding on 8 September 2021, according to a bourse filing on Wednesday.

SEC aims to refinance an existing revolving loan and financing general corporate purposes including capital expenditure.

There were 11 financing entities, including Intesa Sanpaolo, Bank of China, First Abu Dhabi Bank (FAB), and HSBC Bank Middle East Limited. This is in addition to JPMorgan Chase Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Abu Dhabi Islamic Bank, and Natixis.