Saudi Arabia plans to raise $11bn loan: report
COMMERCIAL NEWS
Saudi Arabia plans to raise $11 billion through a syndicated loan, in what would be the biggest financing deal in Europe, the Middle East and Africa this year, a Bloomberg report said.
The loan seeks to finance the kingdom's ambitious investment plans, Bloomberg said.
"The kingdom’s Ministry of Finance has appointed Industrial & Commercial Bank of China Ltd as coordinator and bookrunner for the long-term senior, unsecured loan, according to people familiar with the matter," the report said.
The 10-year debt is offering an interest rate of 100 basis points over the Secured Overnight Financing Rate — the usual reference rate when borrowing in dollars, the people said, asking not to be identified because the matter is private, Bloomberg said.
Get Noticed.
Send us your company’s news today and they could be featured on ABC’s Community News tommorow.
