SEC signs $1.4bn loan with seven banks
The facility has a lifespan of three years and was provided by seven international banks to provide back up credit facility to SEC
Saudi Electricity Co (SEC), the Gulf's largest utility firm, said last week it had signed an agreement for a $1.4 bn loan with seven international banks to be used as a back-up credit facility.
The facility has a lifespan of three years and was provided by Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Sumitomo Mitsui Banking Corporation, HSBC, JP Morgan, Credit Agricole and Deutsche Bank, reported Reuters.
On Dec. 16, SEC said it signed an agreement for a reserve credit facility worth up to 2.5 bn riyals ($666.1 million) with National Commercial Bank and Samba Financial Group.
The transaction announced on Wednesday brings the company's total revolving facilities to a value of 7.75 bn riyals, the statement added.