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Saudi Electricity seeking multi-billion-dollar loan - sources
July 14, 2015 / 1:04 PM / 2 years ago

Saudi Electricity seeking multi-billion-dollar loan - sources

DUBAI, July 14 (Reuters) - Saudi Electricity Co (SEC), the Gulf’s largest utility firm, is in talks with local and international banks to raise a multi-billion-dollar loan, according to two sources aware of the matter.

The offering, which one source said could be worth anywhere between $3 billion and $5 billion in total, will be split between a dollar-denominated portion and a riyal-denominated tranche, the sources said speaking on condition of anonymity as the information isn’t public.

The riyal-denominated piece is expected to be worth around 5 billion riyals ($1.33 billion), the first source said, adding the transaction would have a three-year lifespan but with an option to extend the maturity beyond that point.

SEC did not respond to emails and calls by Reuters seeking comment. ($1 = 3.7504 riyals) (Reporting by Archana Narayanan; Editing by David French)

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