Saudi Electricity inks deal for $1.75 bln syndicated loan

16/08/2017 Argaam

Saudi Electricity Co. (SEC), the largest power provider in the Gulf, signed on Wednesday a syndicated loan worth $1.75 billion (SAR 6.56 billion).

 

The tenure of the five-year loan will expire on Tuesday August 16, 2022, SEC said in a statement to Tadawul, on which it is listed.

 

The loan is co-financed by the Bank of Tokyo-Mitsubishi UFJ, LTD.; Sumitomo Mitsui Banking Corporation; Mizuho Bank, Ltd.; HSBC; Standard Chartered Bank; NATIXIS; Citibank; and First Abu Dhabi Bank.

 

The loan is unsecured and will be used to finance SEC’s capital expenditure projects, the statement added.

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