Saudi Arabia's SEC to close USD2b credit facilities pact
(MENAFN) Saudi Electricity Company (SEC) is prepared for the closing of an USD2.15 billion deal on international syndicated revolving credit facilities on Thursday.
International banks were confirmed to be funding the deal, such as First Abu Dhabi Bank, Mizuho Bank, MUFG Bank, and Standard Chartered Bank.
In a statement Tadawul carried, SEC confirmed that a funding of USD1.5 billion is to be directed towards an initial tranche for three years, with a USD572.5 million to be financing the second tranche for a period of five years.
The statement also explained that "the aim of the agreement is to finance the company's general purposes, and there are no guarantees or related parties."
International banks were confirmed to be funding the deal, such as First Abu Dhabi Bank, Mizuho Bank, MUFG Bank, and Standard Chartered Bank.
In a statement Tadawul carried, SEC confirmed that a funding of USD1.5 billion is to be directed towards an initial tranche for three years, with a USD572.5 million to be financing the second tranche for a period of five years.
The statement also explained that "the aim of the agreement is to finance the company's general purposes, and there are no guarantees or related parties."
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