Riyadh – Mubasher: Jabal Omar Development Company has signed an agreement to restructure the SAR 4.7 billion Islamic term financing provided by the Saudi British Bank (SABB) and Saudi National Bank (SNB).

The restructuring terms include reinstating SAR 1.2 billion of available limit, extending the facility’s final maturity by three years from the date of maturity of the original financing, and initiating scheduled repayments after a three-year grace period, according to a bourse filing on Tuesday.

After restructuring, the total financing limit is valued at SAR 5.9 billion with a nine-year tenor which could be extended by a further three years subject to certain pre-agreed conditions.

The tenor of the original facility was 12 years from the date of signing the agreement in May 2015.

By restructuring the loan, the company seeks to complete the second and fourth phases of the Jabal Omar Project and improve the commercial terms of the facility to be aligned with its cash flows and capital structure.