Saudi Arabia’s Public Investment Fund (PIF) has signed a syndicated bridge loan agreement worth $10 billion, the sovereign wealth fund said in a statement.
The loan will be entirely used to finance public projects and accelerate its investment program.
The syndicated bridge loan will be repaid upon completing the sale of PIF’s stake in petrochemicals major SABIC to Saudi Aramco, the statement noted.
The syndicated loan was secured from a consortium of 10 banks, including Bank of America Corporation, PNB Paribas, MUFG, Standard Chartered, and Sumitomo Mitsui Banking Corporation (SMBC).
The banks comprise the global consortium, with which PIF agreed to obtain a syndicated loan worth $11 billion in September 2018.
“The planned deal to sell PIF’s stake in SABIC is expected to generate the capital required for implementing the fund’s investment program,” said Yasir Al Rumayyan, Governor of PIF.
“As the regulatory procedures required for the deal closure might take time, by this loan we seek to accelerate our ambitious investment program, while maintaining a conservative level of debt,” Al Rumayyan concluded.
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