Saudi Electricity Company (SEC) has signed a SAR 15 billion ($4 billion) joint syndicated revolving credit facility from 15 regional and global banking institutions.

The facility will be used to finance general corporate purposes, the Saudi stock exchange-listed utility provider said in a statement on Sunday.
 
The financing entities include Abu Dhabi Commercial Bank, Bank of America Europe, First Abu Dhabi Bank, HSBC Middle East, Industrial and Commercial Bank of China (Macau), JPMorgan Securities, Mizuho Bank, MUFG Bank (DIFC Branch), Standard Chartered Bank (Hong Kong), SMBC International Bank, The Saudi Investment Bank (SAB), BNP Paribas, Emirates NBD Capital KSA, Intesa Sanpaolo (Dubai Branch) and Natixis (DIFC Branch).
 
The loan duration term is three years, with an option to extend for two additional years.

No guarantees were given to secure the funding, the statement said.

Earlier this month, SEC reported an 8% rise in net profit to SAR 4.34 billion in the second quarter of 2024, compared to SAR 4 billion in the same quarter last year.

The net profit missed analysts’ mean estimate of SAR 5.20 billion, according to LSEG data. 

(Editing by Seban Scaria seban.scaria@lseg.com)