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The state-backed Saudi Electricity Company has secured its third loan in less than six months with a five-year financing of up to $1.5 billion.
The financing offers an all-in pricing of 100 basis points via a participation fee of 75bp, Loan Connector reported.
Sumitomo Mitsui Banking Corp has been mandated as lead arranger, bookrunner and underwriter of the term loan that has a base size of $1 billion and a greenshoe option to increase the loan to $1.5 billion, the report added.
The funds will be used for general corporate purposes.
In October, the Tadawul-listed company signed a $2.85 billion financing agreement with regional and global banks to support large-scale power generation, transmission, and distribution projects across the kingdom.
Saudi Electricity also closed a $1 billion five-year loan in September after attracting nearly two dozen lenders in general syndication.
The company, which supplies energy to the kingdom, has Saudi’s sovereign wealth fund, the Public Investment Fund (PIF), as its major shareholder, with a 74.3% stake, with Saudi Aramco holding a 6.9% stake.
(Writing by Bindu Rai, editing by Daniel Luiz)
