Saudi SEC receives approval for USD2.3b loan
(MENAFN) Saudi Electricity Co (SEC) said it received approval from its executive committee to negotiate for loan financing worth USD2.3 billion and to set up a sukuk program worth USD1.5 billion.
The two-part loan, to serve as a back-up facility for the company, would be structured as a revolving credit facility and have a lifespan of between three and five years.
One tranche would be worth up to USD800 million and the other would not exceed USD1.5 billion. The sukuk program would be used to fund capital projects, the statement added without elaborating.
Sources said that the kingdom's utility was in talks with local and international banks to raise a multi-billion-dollar loan, with tranches denominated in both US dollars and Saudi riyals.
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