Saudi Electricity in talks for potential dollar bond issue

Saudi Electricity Co is in talks with a group of international banks to issue a US dollar-denominated bond, Reuters reported, citing sources familiar with the matter.

The state-owned company is also looking at refinancing its $2.6 billion bridge syndicated loan, which it raised in January.               

The one-year loan was provided by Citibank, MUFG, First Abu Dhabi Bank, HSBC, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.

Almost the same group of banks would be involved in the planned bond issue, with a possibility of the debt sale being delayed to September, if the market conditions do not improve, sources told the news agency.