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State utility Saudi Electricity Company (SEC) plans to seek a back-up credit facility comprising two components: a dollar-denominated facility of up to $2.5bn for a period of 3-5 years; and a Saudi riyal-denominated facility with a ceiling of SR3bn ($800mn).
The move is the latest in Saudi firms’ increasing search for funding, which has seen SEC and upstream firm Saudi Aramco secure $63bn since 2007.
It also follows shortly after SEC secured two revolving credit facilities – for $1.4bn and SR2.5bn – with international banks. These took SEC’s outside funding to more than $30bn, including a $13.2bn ‘soft loan’ from the Saudi Ministry of Finance (MEES, 22 January).
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