Saudi Electricity Company (SEC) has secured a $2.6bn international syndicated loan to assist with its ambitious capital expenditure plans.
The international syndicated bridge unsecured facility will be provided as a one-year bullet loan.
The loan facility has been co-financed by eight major international banks including Citibank (US), Banke of Tokyo-Mitsubishi, First Abu Dhabi Bank, Hongkong and Shanghai Banking Corporation (HSBC), Mizuho Bank (Japan), Natixis (France), Sumitomo Mitsui Banking Corporation (Japan) and the UK’s Standard Chartered Bank.
The loan was signed on 18 January, according to a statement released by SEC.
MEED reported in August last year that SEC had signed a $1.75bn international syndicated loan to boost funds for capital expenditure plans. The five-year bullet loan is being financed by the same eight banks that have agreed the latest $2.6bn loan.
In June 2016, SEC signed a $1.5bn direct trade finance agreement with International Commercial Bank of China (ICBC). The unsecured finance has a five-year tenor. It was also received to be used for capital expenditure projects.
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