Saudi Electricity Co to sign $2 bln credit facilities deal today

Saudi Electricity Company (SEC) plans to sign an international syndicated revolving credit facilities agreement worth $2.15 billion (SAR 8.06 billion) today, the company said in a statement to Tadawul.

The facilities agreement will be financed through international banks including First Abu Dhabi Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp., HSBC Bank Middle East, JP Morgan Chase and Natixis.

The financing period is three years for the initial tranche size of $1.5 billion, while it is five years for the second tranche of size $572.5 million, the statement said.

“The aim of the agreement is to finance the company's general purposes, and there are no guarantees or related parties,” it added.