Saudi Electricity secures $2.6bn bridge loan facility

21/01/2018 12:10 AST

Saudi Electricity Company (SEC) said it has signed a SR9.75 billion ($2.6 billion) international syndicated bridge facility with eight major global banks to fund its future plans including that of a capital expenditure.

The facility is co-financed by eight major international banks including Citibank, Bank of Tokyo-Mitsubishi, First Abu Dhabi Bank, HSBC, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank, said the company in a statament to the Saudi bourse Tadawul.

The facility is unsecured and will be used to finance SEC's diverse general corporate purposes including capital expenditure, it added.

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