The loan will be used for general corporate purposes, including capital expenditure.
Wednesday 20, February 2019 BY KUDAKWASHE MUZORIWA
Saudi Electricity Company has announced that said it will sign a SAR 15.2 billion ($4.05 billion) Murabahah syndicated loan provided by a consortium of local banks.
The main provider of electricity in the Kingdom secured $2.15 billion in syndicated revolving credit facilities in November 2018, following another $2 billion raised through Sukuk in September.
In a statement, Saudi Electricity Company stated that the new financing, with a seven-year maturity, will be provided by a group of domestic banks comprising Al Rajhi Bank, National Commercial Bank as well as Saudi British Bank, Banque Saudi Fransi and Samba Financial Group.
Arab National Bank is also part of the group of banks that will provide the loan.