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DUBAI - State-controlled Saudi Electricity Company said it will sign on Wednesday a 15.2-billion-riyal ($4.05 billion) Islamic syndicated loan provided by a group of local banks.
The loan has a murabaha structure, a cost-plus-profit arrangement which complies with Islamic finance standards, and will be used for general corporate purposes, including capital expenditure, the company said in a statement.
The firm, the main electricity producer in Saudi Arabia with an 81.2 percent indirect government ownership, is a frequent borrower in the domestic and international debt capital markets.
In November, it secured $2.15 billion in syndicated revolving credit facilities, which followed another $2 billion raised through sukuk, or Islamic bonds, in September.
The new financing, with a seven-year maturity, will be provided by a group of domestic banks comprising Al Rajhi Bank, National Commercial Bank, Saudi British Bank, Banque Saudi Fransi, Samba Financial Group and Arab National Bank, the company said.
($1 = 3.7503 riyals)
(Reporting by Davide Barbuscia; Editing by Shreejay Sinha) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))