SEC inks SAR 5.3 bln credit facility with 7 global banks

Saudi Electricity Co. (SEC) has signed a dollar-denominated credit facility agreement with seven banks valued at $1.4 billion (SAR 5.25 billion), which will extend for a three-year period, the utility provider said in a statement to Tadawul on Wednesday.

Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Sumitomo Mitsui Banking Corp., HSBC, JPMorgan, Credit Agricole and Deutsche Bank will arrange the syndicated loan.

In December, SEC signed a three-year revolving credit facility deal with National Commercial Bank (NCB) and Samba Financial Group (SFG) worth SAR 2.5 billion, according to data available on Argaam.

Earlier on Wednesday, the Saudi Capital Market Authority (CMA) placed a temporary trading halt on Saudi Electricity Company’s (SEC) shares from 1:10 p.m. until 2:30 p.m., Riyadh time, due to a request from the company to disclose new developments.