Saudi Electricity Secures $2.6 Billion Bridge Loan Facility
Saudi Electricity Company (SEC) said it has signed a SR9.75 billion ($2.6 billion) international syndicated bridge facility with eight major global banks to fund its future plans including that of a capital expenditure.
The facility is co-financed by eight major international banks including Citibank, Bank of Tokyo-Mitsubishi, First Abu Dhabi Bank, HSBC, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank, said the company in a statament to the Saudi bourse Tadawul.
The facility is unsecured and will be used to finance SEC's diverse general corporate purposes including capital expenditure, it added.
Soure: Trade Arabia
Saudi Electricity Company
Saudi Electricity Company is gearing towards the process of scientific researches and innovations in order to accomplish and achieve a strategic position in the ranks of international energy companies. The basic objectives of the long-term process is to improve the efficiency of electrical system performance, increase reliability, adoption of smart technology and applications to realize company's vision and develop innovative solutions by improving the company's core business as the leading technology and innovation in the electric power sector.