Leejam Sports Co., the MENA-based sports facilities operator, has renewed and expanded its shariah-compliant credit facilities with Saudi Awwal Bank to 960 million Saudi riyals ($256 million).

The funding will be used to support capital and investment for upcoming expansions, as well as cover the working capital requirements.

The package comprises a SAR 794 million medium-term Murabaha facility for expansion-related capital and investment, a SAR 50 million short-term loan for working capital, and SAR 116 million allocated for bank guarantees and letters of credit.

The medium-term loans have a five-year tenure, including a one-year grace period. The short-term facility will be due in six months, while bank guarantees and letters of credit have a maturity term between one and three years.

The financing is secured by promissory notes equivalent to the value of the facilities.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)