#SaudiArabia's Rawabi Energy gets $1.9 billion loans | Reuters

Saudi Arabia's Rawabi Energy gets $1.9 billion loans | Reuters

Saudi Arabia's Rawabi Energy said on Monday it had secured 7.175 billion riyal ($1.9 billion) worth of syndicated loans, denominated in riyals and U.S. dollars, to speed up growth and refinance existing debt.

HSBC (HSBA.L) was sole structuring bank and, with Gulf International Bank, joint global coordinator.

Also on the deal were local lenders Saudi Awwal Bank (1060.SE), Saudi National Bank (1180.SE), Alinma Bank (1150.SE), Riyad Bank (1010.SE), Bank Al Jazira and Al Rajhi Bank (1120.SE).

The UAE's First Abu Dhabi Bank (FAB.AD) was also involved.

Rawabi Energy, a subsidiary of Rawabi Holding Group, said it was "one of the largest private sector syndicated financings in the Kingdom of Saudi Arabia."

Rawabi Energy was set up as a closed joint stock company in 2020 to consolidate Rawabi Holding's energy services operations. Its subsidiaries include Rawabi Vallianz Offshore Services (RVOS), Rawabi Oil & Gas (ROG) and United Safety Ltd in Canada.

"The transaction will accelerate (the company's) growth plans, underpinned by a full capital structure take-out and refinancing of existing indebtedness," Rawabi Energy said in a statement, adding it was 1.33 times oversubscribed.