State-dominated utility Saudi Electricity Company (SEC) has raised $2.5bn from US and European fixed income investors through two credit facilities, official news agency SPA says. Pricing and allocation of the two instruments was announced on 9 April, following a series of meetings with potential investors beginning on 25 March.

The issuance comprised two tranches of certificates: instruments worth $1.5bn with a maturity of 10 years and a 4% yield; and instruments worth $1bn with a maturity of 30 years and a 5.5% yield. The yield from both tranches is to be paid every six months. The issue was arranged by Deutsche Bank, HSBC and JP Morgan. (CONTINUED - 267 WORDS)