Saudi construction firm approaching local and international banks for contractor finance deal
Construction company Saudi Oger is seeking a $2bn loan from a group of local and international banks in a contractor financing deal for the development of police training facilities.
The deal is split between a $800m secured loan, and a SR3.97bn advance payment guarantee facility. Germany’s Deutsche Bank is acting as arranger on the deal, and a group of other banks have also joined the facility.
Proceeds from the loan will be used to finance the construction of police training facilities in Saudi Arabia for the Interior Ministry.
Abu Dhabi-based Al-Hilal and the UK’s Barclays Capital are acting on the advanced payment facility, while France’s Natixis is mandated lead arranger on both tranches. Industrial and Commercial Bank of China is also acting on the loan.
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