Saudi state power firm SEC has signed a revolving credit facility with nine international banks to raise up to $2.15bn in two tranches: up to $1.58bn over three years and up to $572.5mn over five. The agreement takes the total of SEC’s lending since 2007 to $43bn (MEES, 28 September).
SEC’s finance chief and acting CEO Fahad al-Sudair says “the financing is aimed at the company’s overall business structure.” He says revolving credit facilities are an integral part of SEC’s plans to manage long-term financing and maintain financial flexibility. Previous CEO Ziya al-Shiha resigned in early October citing personal reasons. (CONTINUED - 238 WORDS)