Narrative
Full Description
Project narrative
On August 9, 2017, a syndicate of eight banks signed a $1.75 billion USD international syndicated loan agreement with Saudi Electricity Company (SEC) — a Saudi state-controlled energy and utility company — for capital expenditure purposes. Then, in the week of October 25, 2017, the existing lenders syndicated the loan to another four banks, including the Bank of China (BOC). This loan carried a maturity period of five years, a final maturity date of August 16, 2022, a bullet repayment schedule, and was unsecured. The proceeds were to be used by the borrower to finance the borrower's capital expenditure plans. Record ID#97648 captures BOC's contribution. Then, on August 11, 2022, a syndicate of 15 banks — including BOC and the Industrial and Commercial Bank of China (ICBC) — entered into a $3.000 billion USD (SAR 11,265,874,000) international syndicated loan agreement with Saudi Electricity Company (SEC) for refinancing and capital expenditure purposes. This unsecured term loan carried a maturity period of five years and a final maturity date of August 11, 2027. The proceeds were to be used by the borrower to refinance the 2017 $1.75 billion USD syndicated loan that was maturing in August 2022 and for the borrower's general purposes, such as capital expenditures. All 15 lenders contributed $200.00 million USD to the loan syndicate. Record ID#101427 captures BOC's contribution. Record ID#101428 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the loan syndicate: Abu Dhabi Commercial Bank PJSC (ADCB), Abu Dhabi Islamic Bank PJSC (ADIB), First Abu Dhabi Bank (FAB), HSBC Bank, Intesa Sanpaolo S.p.A., KfW-IPEX Bank GmbH, Mizuho Bank, MUFG Bank, Ltd., National Bank of Kuwait S.A.K. (NBK), Société Générale S.A. (SocGen), Standard Chartered Bank PLC, Sumitomo Mitsui Banking Corporation (SMBC), and State Bank of India (SBI).
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 Saudi Government, both directly (74.31%) and through Saudi Aramco (6.93%).