Ataa Educational renews credit facilities worth SAR 15 mln with Banque Saudi Fransi

31/01/2022 Argaam
Logo ofAtaa Educational Co.

Logo of Ataa Educational Co.

Ataa Educational Co. renewed a Shariah-compliant credit facilities agreement worth SAR 150 million with Banque Saudi Fransi (BSF), it said in a filing to Tadawul.

 

The financing, which is secured by a promissory note worth SAR 150 million and a mortgage, has a duration of one year.

 

The company will use SAR 97 million of the facilities to finance acquisitions and construction, and SAR 25 million to finance the working capital when needed. In addition, Ataa will use SAR 18 million as hedging and SAR 10 million as letters of guarantee.

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