Saudi Electricity Company (SEC), the largest electricity company in the Arab world, inked Thursday a deal for a $2.15-billion revolving credit facility with eight international financial institutions that have agreed to support the utility company expand its public work.
The credit will be granted by Abu Dhabi First Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Mitsui Sumitomo foundation, HSBC Bank — Middle East, Hong Kong and Shanghai Banking Corporation Limited, JPMorgan Chase & Co., and Natixis Bank of France.
SEC will get the loan in two tranches: the first with a maximum of $1.578 billion, which will mature after three years, and the second with a maximum of $573 million that will mature after five years, state-owned news agency SPA reported.
