The Saudi Electricity Co. (SEC) has obtained a $2.6 billion (SAR 9.75 billion) international syndicated bridge facility, announced Ziyad Al-Shiha, CEO, SEC.
He said the SEC signed a co-financed agreement with international banks to finance the company’s diverse general corporate purposes, including capital expenditure.
According to details, the facility is co-financed by eight major international banks, including Citibank, The Bank of Tokyo-Mitsubishi UFJ, LTD, First Abu Dhabi Bank, The Hongkong and Shanghai Banking Corporation Limited (HSBC), Mizuho Bank, Ltd., NATIXIS, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.
“Due to the significantly oversubscribed loan book, SEC was able to close the financing deal at a higher than expected size at very favorable terms and conditions,” he said.
The CEO said: “SEC’s success in obtaining this sizable international syndicated financing at the most favorable terms and prices demonstrates great and growing confidence from the international banks in the Kingdom’s economy. It also highlights the correct direction the company is heading to.”
He said the SEC signed a co-financed agreement with international banks to finance the company’s diverse general corporate purposes, including capital expenditure.
According to details, the facility is co-financed by eight major international banks, including Citibank, The Bank of Tokyo-Mitsubishi UFJ, LTD, First Abu Dhabi Bank, The Hongkong and Shanghai Banking Corporation Limited (HSBC), Mizuho Bank, Ltd., NATIXIS, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.
“Due to the significantly oversubscribed loan book, SEC was able to close the financing deal at a higher than expected size at very favorable terms and conditions,” he said.
The CEO said: “SEC’s success in obtaining this sizable international syndicated financing at the most favorable terms and prices demonstrates great and growing confidence from the international banks in the Kingdom’s economy. It also highlights the correct direction the company is heading to.”
