TRSDC's green loan from Saudi banks has 15-year tenor, says CFO

The Red Sea Development Co.’s (TRSDC) SAR 14.1 billion worth of green loan will have a tenor of 15 years, Al Arabiya TV reported, citing Jay Rosen, Chief Financial Officer (CFO).

“Green loans have tighter and more attractive pricing, which I hope the company can make use of in the future,” Rosen added.

“We may possibly consider more green financing in the future. We have no certain criteria for accessing capital markets,” he noted.

Rosen indicated that the loan, in addition to the Public Investment Fund’s capital share, will sufficiently finance the first phase of the project.

Saudi Arabia’s flagship tourism project developer, TRSDC, recently raised a SAR 14.12 billion green loan from four Saudi banks for 16 new hotels, Argaam reported.

Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank acted as mandated lead arrangers, while HSBC served as green loan coordinator on the transaction.