Saudi Arabia has invited banks to submit proposals to refinance its $10 billion international syndicated loan and to help the Kingdom raise more funds, Reuters reported on Sunday, citing Fahad Al-Saif, president of the Debt Management Office (DMO).
The target refinancing will include repricing the facility and extending its maturity to 2023 from 2021. A new tranche using Murabaha system will be added to the loan.
The Saudi government has also issued requests for proposal (RFPs) for other US dollar debt capital market issuance and financing backed by other countries’ export credit agencies.
The moves help Saudi Arabia establish a prominent position in international debt markets as part of its economic reforms, Al-Saif said.
”We look forward to a satisfactory conclusion of the process over the coming months,” he added.
In early 2016, Saudi Arabia raised a $10 billion, five-year loan from a consortium of global banks to embark on its first international debt issuance in 25 years amid lower oil revenues and reserves.
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