Saudi Electricity Company (SEC) yesterday announced that it has signed an agreement for a $1.4 billion loan with seven international banks to be used as a back-up credit facility.
The facility has a lifespan of three years and was provided by the Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Sumitomo Mitsui Banking Corporation, HSBC, JP Morgan, Credit Agricole and Deutsche Bank.
SEC recently said it signed an agreement for a reserve credit facility worth up to 2.5 billion riyals ($666.1 million) with the National Commercial Bank and Samba Financial Group.
The company suspended trading its shares on the stock market for over an hour at the time of the announcement.