Narrative
Full Description
Project narrative
On September 8, 2021, a syndicate of 11 banks — including the Bank of China (BOC) — entered into a $2,577,500,000 USD syndicated revolving credit facility (RCF) agreement with Saudi Electricity Company (SEC) — a Saudi state-controlled energy and utility company — for general corporate and refinancing purposes. This loan carried a maturity period of three years and without. The proceeds were to be used by the borrower to refinance existing debt, specifically existing RCFs, and for its general corporate purposes including capital expenditures. In addition to BOC, the following lenders are known to have contributed to the loan syndicate: First Abu Dhabi Bank PJSC (FAB), Standard Chartered Bank, Abu Dhabi Islamic Bank PJSC (ADIB), JPMorgan Chase Bank N.A., and HSBC Bank Middle East Limited.
Staff comments
1. Saudi Electricity Company (Arabic: الشركة السعودية للكهرباء; SEC) is the Saudi electric energy company. It enjoys a monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country. The company is 81.24% owned by the Government of Saudi Arabia, both directly (74.31%) and through Saudi Aramco (6.93%). 2. The individual contributions of the 11 banks to this $2,577,500,000 USD RCF are unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed equally ($234,318,181.818 USD) to the loan syndicate.