Jabal Omar Signs Facility Agreement with Bank Albilad Worth SR One Billion

Jabal Omar Development Company (“JODC” or the “Company”) announced on Sunday the signing a SAR 1.0bn facility agreement with Bank Albilad. The Financing duration is 8 years with a grace period of 12 months.

Concerning Guarantees offered for the financing, the Company indicated on Tadawul that the security over certain real estate assets within the Jabal Omar Project.

The financing objective is repayment in full of SR643,739,135 of principal and accrued interest on the existing unsecured facility with Bank Albilad. Remaining balance will be used for extinguishing certain expensive liabilities and financing general corporate expenses.

This agreement is an integral component of the Company’s capital structure optimization plan, which aims to improve the Company’s funding structure and reduce its financing costs.