Gulf's largest utility firm inks three-year agreement with seven international banks
Saudi Electricity Co (SEC), the Gulf's largest utility firm, said on Wednesday it had signed an agreement for a $1.4 billion 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.
On Dec. 16, SEC said it signed an agreement for a reserve credit facility worth up to 2.5 billion 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 billion riyals, the statement added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.