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Saudi Real Estate Co. (Al-Akaria) signed, on June 15, an agreement with Saudi National Bank (SNB) to reschedule an outstanding loan of SAR 2.07 billion, the company said in a bourse statement.
Under the agreement, the entire loan will be repaid in 12 years with a four-year grace period.
The financing term for the first facility worth SAR 1.62 billion was seven years with a grace period until the first installment date on Nov. 21, 2021.
The second facility amounting to SAR 450 million was due on Aug. 21, 2020.
The debt rescheduling comes in line with the company’s future cash flows. The facilities are guaranteed by a real estate mortgage and a promissory note.
There are no related parties to the agreement, Al Akaria concluded.
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