SISCO subsidiary obtains SR290 mln in financing from National Bank of Kuwait

Saudi Industrial Services Company (“SISCO”) announced on Tuesday that its subsidiary Saudi Trade & Export Development Company (“LogiPoint”) has secured a loan facility with National Bank of Kuwait (“NBK”).
The gross value of the facility is SR 290 million, of which the loan facility is SR 280 million and the guarantees facility is SR 10 million.
The facility is priced at 3 months SAIBOR + margin p.a., to be repaid by LogiPoint in quarterly instalments.
The purpose of the facility is to finance the expansion plans doubling the warehousing capacity from current 73,000 square meters and development of infrastructure works of the new logistics park in Al-Khomra.
The date of obtaining the funding is 01.11.2022 .The financing entity is National Bank of Kuwait. Financing amount is SR 290 million. The financing duration is 8.5 years
Promissory notes of the value of SR 290 million; Acknowledged assignment of receivables; Contractors and Fire Insurance assignment; Assignment of contractors Letter of Guarantee; debt service reserve account, and other guarantees/comfort letters as requested by the bank.
To expand the warehousing capacity and infrastructure works for new logistics park. There are no related parties.