Linklaters advises as Saudi Electricity signs $2.15bn credit facilityLinklaters has advised Saudi Electricity Company (SEC) on a revolving credit facility agreement with eight international banks for $2.15bn (SR8.06billion).
The facility is divided into two tranches: the first with a maximum of $1.578bn, which will mature after three years, and the second with a maximum of $573m that will mature after five years.
The major international banks include Abu Dhabi First Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Mitsui Sumitomo foundation, HSBC Bank — Middle East, Hong Kong and Shanghai Banking Corporation Limited, JPMorgan Chase & Co., and Natixis Bank of France.
SEC is the largest electricity service facility in the Middle East and North Africa region.
The Linklaters team was led by Head of Banking & Finance (Saudi Arabia) Omar El Sayed, Banking partner Kieron Zaman and Energy partner Jeremy Gewirtz.