Saudi Electricity Company (SEC) has secured a refinancing deal worth SAR 16 billion ($4.27 billion) from major lenders to manage its debt load. 

The firm obtained the three-year Murabaha facility from Saudi National Bank, Al Rajhi Banking and Investment Corporation, Saudi Awwal Bank, Banque Saudi Fransi, Arab National Bank, Riyad Bank and Qatar International Islamic Bank.

The Saudi firm has the option to extend the financing, subject to the terms of the agreement.

SEC has recently issued unsecured US-dollar-denominated sukuk worth $2.4 billion.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com