Saudi Electric Company signs $1.4 billion revolving creditStaff writer ▼ | January 8, 2016
Saudi Electric Company (SEC) CEO, Ziyad M Al Shiha announced that SEC has signed in London with international banks the U.S. Dollar denominated tranche in the amount of $1.4 billion (SAR 5.25 billion) with a tenor of 3 years.
Financing SEC is the largest utility company in the region
The $1.4 billion tranche facility's Coordinators, Bookrunners and Mandated Lead Arrangers were The Bank of Tokyo – Mitsubishi UFJ, Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), and the Mandated Lead Arrangers were HSBC, JPMorgan, Crédit Agricole and Deutsche Bank.
Saudi Electric Company (SEC) is the largest utility company in the Middle East and North Africa region, and one of the largest globally, with a substantial and expansive asset base, which grew 14% year on year at end of September 2015 to SAR 352 billion ($93.7 billion).
In August 2015, SEC revealed its plans for raising revolving credit facilities (RCF) spilt into a Saudi Riyal tranche and a U.S. Dollar tranche in order to support its capital expenditure programme.S ■