Bloomberg: Saudi Electricity Company Seeks $1 Billion Loan

Bloomberg revealed that the Saudi Electricity Company is seeking a $1 billion loan to finance new projects, including the expansion of a power plant.

The five-year loan will include Japan’s Sumitomo Mitsui Banking Group as a mandated lead manager and sole arranger.

According to sources, the loan will be distributed among a group of banks as part of a syndicated financing deal, with an interest margin of approximately 85 basis points over the Secured Overnight Financing Rate (SOFR).