Saudi Electricity signs $2.6 bln bridge loan

Saudi Electricity Company (SEC) has signed a one-year, $2.6 billion (SAR 9.75 billion) international syndicated bridge facility with eight banks, the company said in a statement to Tadawul on Thursday.

The facility was co-financed by Citibank, The Bank of Tokyo-Mitsubishi UFJ,First Abu Dhabi Bank, HSBC, Mizuho Bank, NATIXIS, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.

The unsecured, syndicated loan will be used to finance SEC's general corporate purposes including capital expenditure, the statement added.