gulfnews : Saudi Oger mandates banks for loan to fund construction

Saudi Arabian construction company Saudi Oger, said yesterday it has mandated banks to arrange its first loan to be run by non-Saudi institutions, with syndication expected to begin shortly.

Deutsche Bank, China Development Bank and Emirates NBD are to act as initial mandated lead arrangers and bookrunners for the deal, according to a company statement.

The transaction is split between two facilities — a $800 million (Dh2.9 billion) senior secured term loan and a 3.97 billion Saudi riyal advance payment guarantee (APG) — which will partially fund the King Abdullah Project two scheme which the company is completing for the Saudi Ministry of Interior.

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