January 18, 2018 / 12:38 PM / a year ago

Saudi Electricity secures $2.6 billion syndicated bridge loan

DUBAI, Jan 18 (Reuters) - State-controlled utility Saudi Electricity Co said on Thursday it had signed a $2.6 billion bridge syndicated loan.

The unsecured debt facility, with a one-year maturity, will be used for general corporate purposes and to back the company’s capital expenditure programme.

Saudi Electricity raised the facility with a group of eight international banks including Citibank, Bank of Tokyo-Mitsubishi UFJ, First Abu Dhabi Bank, HSBC, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.

The same group of banks provided in August last year a $1.75 billion five-year bullet loan to the company to support its capital expenditure plans.

As part of wider reforms in the Saudi energy sector, Saudi Arabia plans to restructure the utility splitting it into four separate units to improve its efficiency.

Reporting by Davide Barbuscia

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