Saudi Oger has signed a $1.03bn syndicated loan, which will be used to replace debt related to the construction group's investment in Arab Bank shares, the lead arrangers said in a statement.
The four-year underwritten loan was arranged by Deutsche Bank, Emirates NBD and Qatar National Bank as initial mandated lead arrangers and bookrunners.
Al Khaliji Commercial Bank and Blom Bank were mandated lead arrangers, while Bank Audi and Gulf Bank were lead arrangers.
Banque Libano-Francaise, Commercial Bank International, Maybank, and Riyad Bank were arrangers on the transaction.
Saudi Oger tapped the international loan market in August 2011 for a $2bn-equivalent, dual-currency loan arranged by Deutsche Bank, China Development Bank and Emirates NBD.
That loan backed the construction of police training facilities in Saudi Arabia.