Saudi Electricity signs $2.58 bln revolving credit facility agreement

Saudi Electricity headquarters

Saudi Electricity Co. (SEC) signed a dollar-denominated revolving credit facility agreement of approximately $2.577 billion (SAR 9.665 billion) on Sept. 8, the utility provider said in a statement to Tadawul. 

Financing entities include Intesa Sanpaolo, Bank of China, First Abu Dhabi Bank, HSBC Bank Middle East, JPMorgan Chase Bank, Mizuho Bank, MUFG Bank, Standard Chartered, Sumitomo Mitsui Banking Corporation, Abu Dhabi Islamic Bank, and Natixis.

The duration is three years, and no guarantees are offered for the financing, the statement said.

The funding is aimed at refinancing an existing revolving credit facility and financing general corporate purposes, including capital expenditure.