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Al Rajhi REIT Fund secured credit facility worth SAR 145.4 million from Al Rajhi Bank, Al Rajhi Capital, the fund manager, said in a bourse statement.
A semi-annual interest rate will be paid on the five-year loan with a bullet principal repayment at the end of the contractual period.
The facility will be used to refinance the existing loan tranche maturing today, March 23, 2021.
The fund’s income-generating assets, which were earlier pledged for the outstanding tranche, will remain pledged for the new facility with a promissory note provided as a guarantee.
The SAR 145.4 million loan liability will continue appear in the financial accounts of Al Rajhi REIT for the next years.
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