EXCLUSIVE Saudi Arabia in talks to refinance, downsize $16 bln loan - sources | Reuters
Saudi Arabia is in talks with banks to amend the terms of a $16 billion loan due in 2023 and possibly reduce the size of the facility, sources said, as the world's top oil exporter looks to cut outstanding government debt and improve its balance sheet.
The discussions between the ministry of finance and the banks are at an early stage and no decision has been taken yet, said the four sources familiar with the matter.
One said the potential refinancing could be for 50% to 70% of the $16 billion facility, which Saudi Arabia raised in 2018 when it refinanced, extended and increased an existing $10 billion loan raised in 2016 and due in 2021.
"The Kingdom of Saudi Arabia manages its debt proactively all the time and makes regular announcements as deals are completed in the appropriate way," a ministry of finance spokesperson said.
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