Saudi Electricity secures $4B credit facility

Saudi Electricity Co. (SEC) signed today, Aug. 25, a $4 billion (SAR 15 billion) joint revolving international credit facility agreement, the company said in a statement on Tadawul.

The financiers include Abu Dhabi Commercial Bank (ADCB), Bank of America Europe, First Abu Dhabi Bank (FAB), HSBC Middle East, Industrial and Commercial Bank of China (Macau), JPMorgan Securities, Mizuho Bank, MUFG Bank (DIFC Branch), Standard Chartered Bank (Hong Kong), SMBC International Bank, The Saudi Investment Bank (SAB), BNP Paribas, Emirates NBD Capital KSA, Intesa Sanpaolo (Dubai Branch), and Natixis (DIFC Branch).

The credit facility will finance general corporate purposes. The financing term is three years, with an option to extend for two more years. No guarantees were provided in turn for the funding, the statement added.

SEC board member Khalid Al-Ruwais is also a board member at SAB, which is a lender under the facility, having indirect interest in the facility-related transactions.