Home Industry Energy Saudi Electricity Co to sign $4bn syndicated loan The firm is the main electricity producer in Saudi with an 81.2 per cent indirect government ownership by Reuters February 20, 2019 Follow us Follow on Google News Follow on Facebook Follow on Instagram Follow on X Follow on LinkedIn State-controlled Saudi Electricity Co said it will sign on Wednesday a SAR15.2bn ($4.05bn) Islamic syndicated loan provided by a group of local banks. The loan has a murabaha structure, a cost-plus-profit arrangement which complies with Islamic finance standards, and will be used for general corporate purposes, including capital expenditure, the company said in a statement. The firm, the main electricity producer in Saudi Arabia with an 81.2 per cent indirect government ownership, is a frequent borrower in the domestic and international debt capital markets. In November, it secured $2.15bn in syndicated revolving credit facilities, which followed another $2bn raised through sukuk, or Islamic bonds, in September. The new financing, with a seven-year maturity, will be provided by a group of domestic banks comprising Al Rajhi Bank, National Commercial Bank, Saudi British Bank, Banque Saudi Fransi, Samba Financial Group and Arab National Bank, the company said. 0 Comments