Saudi wealth fund suspends plans to change $10 bln loan terms - sources - Reuters:
Saudi Arabia’s Public Investment Fund (PIF) has suspended plans to change some of the terms of a $10 billion loan it raised last year after some banks voiced reservations, sources said.
Over the last two years, banks have lent billions to the fund, which is the engine of Crown Prince Mohammed bin Salman’s economic transformation plans for Saudi Arabia and aims to increase its assets under management to $400 billion by the end of this year.
This was partly on the expectation that establishing banking relationships would lead to lucrative mandates on capital markets deals.
Banks continue to court the PIF, but a proposal made earlier this year to delay the repayment of a $10 billion bridge loan raised in October was questioned by some of the lenders, two sources familiar with the matter said on condition of anonymity.
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