Saudi Electricity Co. gets 1.6-billion-dollar loan from six banks

0 Comments | AFP, April, 2004

RIYADH (AFP) — The Saudi Electricity Co. (SEC) signed a 1.6-billion-dollar loan arrangement with six local banks to finance capital investments, the first such deal since it was set up four years ago, its chief executive said.

The loan, repayable over 15 years, is worth six billion riyals but the agreement provides for the possibility of extending 300 million US dollars, Suleiman al-Qadhi said, quoted by the official SPA news agency.

Participants in the loan are the Saudi French Bank, the Saudi American Bank (SAMBA) group, the National Commercial Bank, the Arab National Bank, the Saudi British Bank and Saudi Hollandi Bank.

Gulf International Bank acted as financial advisers.

The Saudi electricity sector has been undergoing a major restructuring, with...