SEC, Sabic Capital set to bolster deal flow

摘要

State-owned utilities firm SAUDI ELECTRICITY COMPANY AND SABIC CAPITAL are expected to tap the loan market for a refinancing and an extension, respectively, with the deals totalling around US$4bn set to reinforce what has already been a busy year for lenders to Saudi Arabia's borrowers. SEC is expected to come to the market within the next few months to refinance a US$2.15bn facility signed in November 2018. Amsterdam-headquartered financial services firm Sabic Capital, owned by chemical manufacturing company Saudi Arabia Basic Industries Corp, is likely to ask banks for the second of two one-year extensions available under its US$2bn five-year revolving credit facility from December 2015. SEC's loan, which comprises a US$1.5775bn three-year tranche and a US$572.5m five-year tranche, was signed with a group of banks including First Abu Dhabi Bank, Mizuho Bank, MUFG, Standard Chartered, SMBC, HSBC, JP Morgan and Natixis.