Baker McKenzie Advised Lenders on SAR10 Billion Financing for Saudi Electricity Company
Baker McKenzie Advised Lenders on SAR10 Billion Financing for Saudi Electricity Company
In a syndicated financing deal for Saudi Electricity Company (SEC), represented by Allen & Overy, Baker McKenzie has provided legal counsel to the facility agent and lenders.
The financing, which amounted to Saudi Riyal 10 billion, was provided by a club of nine Saudi and regional banks and utilized a Shari’ah-compliant commodity Murabaha structure.
Included in the group of lenders were Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, The Saudi British Bank, The Saudi National Bank, Riyad Bank, Bank Albilad, Bank Al Jazira, Qatar National Bank, and The Saudi Investment Bank. The facility agent for the financing was HSBC Saudi Arabia.
SEC intends to utilise the funds from the financing for general financing needs and corporate purposes, including capital expenditure. The financing agreement, signed on February 14, 2023, was successfully closed the next day.
Led by Banking and Finance partner Fatima Alhasan, the team at Baker McKenzie Bahrain included associates Abdulrahman Almajthoob and Marwah Abdulmalik, who provided support.
