The state-run Saudi Electricity Company (SEC) has signed a USD2 billion, five-year syndicated loan deal led by the Bank of China (BOC).
The latter was the sole global coordinator and initial mandated lead arranger of the deal. The loan, initially envisioned at USD1.5 billion, attracted significant investor interest. BOC’s adept distribution efforts across the Middle East and Asia-Pacific regions led to the loan being oversubscribed, prompting an increase in the final amount to USD2 billion. The loan provides essential funding for SEC’s operations and potential future growth initiatives. Headquartered in Saudi Arabia, SEC generates 57 GW power with a transmission circuit of 55,000 km and 7.5 million customers. The company has been focusing on expansion and modernisation of power supply network in the Middle East and North Africa region.
