Saudi Electricity secures $1B bilateral Murabaha loan from SNB

Saudi Electricity Co. (SEC) secured today, May 7, a $1 billion bilateral Murabaha loan from Saudi National Bank (SNB).

The facility has a five-year term with the option to extend for another two years. It will be used to finance general corporate purposes and capital expenditures, according to a statement to Tadawul.

There are no guarantees offered for the facility, the company said, noting that SNB is a related party.