SEC Raises a Borrowing of US1.6 Billion to Finance its Capital Investment Program

摘要

Saudi Electricity Company (SEC) signed an agreement with a syndicate of six banks on 6 April for a 15-year loan of SR 6 billion (US1.6 billion),which is destined to finance its capital investment program in the coming years.Although denominated in Saudi riyals,the loan agreement includes an option for a US300-million tranche in U.S.dollars,explained the SEC's Chief Executive Officer,Mr.Sulaiman al-Qadi.The structure of the facility will "ensure that the SEC has the possibility of developing its activities in a changing fiscal and sectorial environment," said Mr.al-Qadi.The six banks mandated to arrange the borrowing were the following:Banque Saudi Fransi,Samba Financial Group,National Commercial Bank (NCB),Arab National Bank,Saudi British Bank and Saudi Holland! Bank.The financial consultant for the operation was Gulf International Bank (GIB).It is the first borrowing raised by the SEC since it was incorporated in April 2000.