Saudi Electricity secures $3 bln international syndicated facility

Saudi Electricity Co. headquarters

Saudi Electricity Co. (SEC) inked an international syndicated facility agreement at a total value of $3 billion, according to a bourse filing.

The five-year facility will be used to refinance outstanding international syndicated facilities and finance the company’s objectives including, without limitations, the capital expenditure.

The financing entities are Standard Chartered Bank, HSBC Bank, Intesa Sanpaolo, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Industrial and Commercial Bank of China, State Bank of India, Bank of China, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, National Bank of Kuwait, KfW IPEX-Bank, and Societe Generale.

SEC may request to extend the agreement tenor up to additional two years.

The deal included no related parties, the statement added.