Tadweeer secures SAR 170M credit facility from SAB

Logo of National Environmental Recycling Co. (Tadweeer) 

National Environmental Recycling Co. (Tadweeer) signed today, Feb. 4, a SAR 170 million Sharia-compliant credit facility agreement at competitive prices with Saudi Awwal Bank (SAB).

The facility will support and boost the company’s financial needs and position, according to a Tadawul statement.

The facility has a three-year term, including a grace period of 15 months. A promissory note was provided as a guarantee for the financing.

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The agreement includes SAR 45 million as a bank guarantee for a government lending institution for the purpose of signing a facilities agreement worth SAR 90 million, in addition to allocating SAR 35 million to fund working capital. It also includes SAR 90 million as bridge financing for the loan to be obtained from a government lending institution, which will be available after signing the facilities agreement with the government entity.

Any major development related to the loan facility will be announced as per related regulations and instructions, the statement said.

There are no related parties to the deal.