Riyadh – Mubasher: Saudi Electricity Company (SEC) penned a $3.60 billion (to SAR 13.50 billion) international syndicated credit facility agreement on 12 December 2024.
The company will use the proceeds of the loan to finance general corporate purposes, according to a bourse disclosure.
The facility deal holds a tenor of five years, with optional two years extension.
Local and global lenders participated in the transaction, including ICBC, Bank of China, State Bank of India, and the Saudi Investment Bank (SAIB) among others.
UAE-listed banks also led the financing process, such as First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), and Abu Dhabi Islamic Bank (ADIB).
In the first nine months (9M) of 2024, SEC recorded 17.39% year-on-year (YoY) higher net profits at SAR 12.14 billion, compared to SAR 10.34 billion.
