Saudi PIF said to sign $11 bln loan this week

Saudi Arabia's Public Investment Fund (PIF) will sign an $11 billion loan this week, Bloomberg reported, citing people familiar with the matter.

The global lenders include Goldman Sachs Group, HSBC Holdings, JPMorgan Chase & Co., Morgan Stanley, Citigroup, Standard Chartered, BNP Paribas SA, Societe Generale, Mizuho Bank, MUFG, Credit Agricole, SMBC, Bank of America, Bank of China and Industrial & Commercial Bank of China.

The first commercial loan of PIF will be priced at 75 basis points over Libor, or just below 90 basis points including fees, the report added.

London-based boutique Verus Partners is advising the sovereign wealth fund on the talks.

The loan will give the PIF additional cash after two years of major new investments.  Last year, it announced plans to invest $45 billion in a technology fund run by Japan’s SoftBank Group Corp., allocated $20 billion into a US infrastructure fund managed by Blackstone Group LP and unveiled plans to build a $500 billion NEOM project on the Red Sea.