Saudi sovereign fund in talks for extension on $15 billion loan - sources | Reuters
Saudi Arabia's sovereign wealth fund is in talks with banks to exercise an extension option on a $15 billion revolving credit facility it took out in March last year, two sources with direct knowledge of the matter said.
The Public Investment Fund's one-year loan was provided by 17 banks and has four extension options.
Sources previously said the loan would be used for general corporate purposes. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
PIF, which is chaired by Crown Prince Mohammed bin Salman and is the engine of his economic transformation plans for Saudi Arabia, declined to comment.
"The lenders obviously have the right to say no when they come and ask for an extension, but given that it's a relationship facility, given everything that's happening in Saudi and how much business people are chasing with PIF, I think they'll get most of the banks - if not all of them - rolling their exposures over," one of the sources said.
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