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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

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Saudi Electric, Saudi Electricity Company, Sec, News

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.

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