Saudi Electricity secures $2.6bn bridge loan facility

Saudi Electricity Company (SEC) said it has signed a SR9.75 billion ($2.6 billion) international syndicated bridge facility with eight major global banks to fund its future plans including that of a capital expenditure. The facility is co-financed by eight major international banks including Citibank, Bank of Tokyo-Mitsubishi, First Abu Dhabi Bank, HSBC, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank, said the company in a statament to the Saudi bourse Tadawul. The facility is unsecured and will be used to finance SEC's diverse general corporate purposes including capital expenditure