Saudi Industrial Services Company (“SISCO”) announces that its subsidiary Saudi Trade & Export Development Company (“LogiPoint”) has secured a SAR 290 million loan facility with National Bank of Kuwait (“NBK”)
| Element List | Explanation |
|---|---|
| Introduction | Saudi Industrial Services Company (“SISCO”) announces that its subsidiary Saudi Trade & Export Development Company (“LogiPoint”) has secured a loan facility with National Bank of Kuwait (“NBK”).
The total value of the facility is SAR 290 million, of which the loan facility is SAR 280 million and the guarantees facility is SAR 10 million.
The facility is priced at 3 months SAIBOR + margin p.a., to be repaid by LogiPoint in quarterly instalments.
The purpose of the facility is to finance the expansion plans doubling the warehousing capacity from current 73,000 square meters and development of infrastructure works of the new logistics park in Al-Khomra. |
| Date of obtaining the funding | 2022-11-01 Corresponding to 1444-04-07 |
| Financing entity | National Bank of Kuwait |
| Financing amount. | SAR 290 million |
| Financing duration. | 8.5 years |
| Guarantees offered for the financing | Promissory notes of the value of SAR 290 million; Acknowledged assignment of receivables; Contractors and Fire Insurance assignment; Assignment of contractors Letter of Guarantee; debt service reserve account, and other guarantees/comfort letters as requested by the bank. |
| Financing objective | To expand the warehousing capacity and infrastructure works for new logistics park |
| Related Parties | There are no related parties. |
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