Saudi's Fawaz Abudulaziz Alhokair secures $800mln Islamic finance | ZAWYA MENA Edition:
Saudi-listed retail group, Fawaz Abdulaziz Alhokair Company, has signed an Islamic term Murabaha facility and a revolving credit facility agreement with a syndicate of Saudi banks.
The $800 million debt facility is composed of two tranches, including a $650 million Murabaha to be fully utilized in refinancing existing debt, and a $150 million revolving standby credit facility to finance the business’ operational and expansion needs.
The term Murabaha’s maturity is 7 years (subject to a 1-year grace period), while the revolving credit facility’s tenure is 3 years.
The banks participating in the loan agreement are: Al Rajhi Banking and Investment Corporation, the National Commercial Bank, Samba Financial Group, Arab National Bank, Mashreqbank, Abu Dhabi Islamic Bank.
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