Saudi Oger has signed a $1.03bn loan deal with a group of regional and international lenders that will be used to refinance debt taken out to fund the group’s investment in regional banks.
The four-year deal was arranged by the Germany’s Deutsche Bank, the UAE’s Emirates NBD and Qatar National Bank. Qatar’s Al-Khaliji Commercial Bank, Lebanon’s Blom Bank also joined the deal as mandated lead arrangers. Lebanon’s Bank Audi, and Kuwait’s Gulf Bank were lead arrangers, and Lebanon’s Banque Libano-Francaise, UAE-based Commercial Bank International, Malayan Banking Berhad Bahrain, and Riyad Bank were arrangers.
The deal was priced at 425 basis points above the London interbank offered rate (Libor).
The company’s last syndicated loan was when it raised around $2bn to finance the development of police training facilities in the kingdom.