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Wed 6 Jan 2016 03:47 PM

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Saudi Electricity Co signs deal for $1.4bn loan deal

Gulf's largest utility firm inks three-year agreement with seven international banks

Saudi Electricity Co signs deal for $1.4bn loan deal

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.

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