Reuters: Financial Services and Real Estate: Saudi Electricity signs $1.4 bln loan agreement

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Saudi Electricity signs $1.4 bln loan agreement Mar 31st 2012, 08:13 March 31 | Sat Mar 31, 2012 4:13am EDT March 31 (Reuters) - Saudi Electricity Co signed a $1.4 billion loan agreement with international banks to finance the constrution of a new power plant, it said in a statement posted on the Saudi bourse website on Saturday. The loan, which will be repaid over 15 years, was made by a group of international banks led by HSBC and also including Bank of Tokyo Mitusbishi, Sumitomo-Mitsui Banking Corporation, Bank Mizuho, said the statement in Arabic. Earlier this month, Saudi Electricity priced a $1.75 billion two-part Islamic bond -- the kingdom's first dollar-denominated issue since October 2010, when petrochemicals group Saudi Basic Industries Corp (SABIC) launched a $1 billion five-year bond.

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