Bank of China contributes to a $1.75 billion USD syndicated loan to Saudi Electricity Company for capital expenditure purposes (Linked to Record ID#101427 and #101428)

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 SEC's capital expenditure plans. The original eight lenders were as follows: the Bank of Tokyo-Mitsubishi UFF, Ltd. (BTMU), Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, HSBC Bank, Standard Chartered Bank PLC, Natixis, Citibank N.A., and First Abu Dhabi Bank (FAB). In addition to BOC, Intesa Sanpaolo S.P.A., KfW, and Société Générale S.A. (SocGen) joined in syndication. 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.