Saudi Electricity inks $13.5B international syndicated credit facility

Logo of Saudi Electricity Co. (SEC) 

Saudi Electricity Co. signed today, Dec. 12, an international syndicated credit facility agreement worth $3.6 billion (or SAR 13.5 billion), according to a statement to Tadawul.

The financing term is five years, with optional two years extension. The financing objective is to fun general corporate purposes.

The financing entities are as follows:

1. ICBC

2. Bank of China

3. Agricultural Bank of China

4. Bank of Communications

5. China Construction Bank

6. KfW IPEX-Bank

7. State Bank of India

8. First Abu Dhabi Bank

9. Abu Dhabi Commercial Bank

10. Abu Dhabi Islamic Bank

11. Boubyan Bank

12. Dubai Islamic Bank

13. The Saudi Investment Bank

According to the company, the facilities constitute a related party transaction for purposes of the Companies Law promulgated under Royal Decree number M/132, dated June 30, 2022 and the executive regulations of the Companies Law for Listed Joint Stock Companies issued by the Capital Market Authority (CMA) board given that Khalid Alruwais is a board member of Saudi Electricity and Saudi Investment Bank, a lender of record under the facilities, and therefore has an indirect interest in the transactions contemplated by the facilities.