ACWA Power says refinancing facility for RAWEC to increase costs, boost capital structure

03/01/2022 Argaam

ACWA Power building

International Company for Power and Water Projects (ACWA Power) said that the dry financial closure of $125 million senior refinancing facility for its subsidiary, Rabigh Arabian Water & Electricity Co. (RAWEC), is expected to increase the financing costs.

 

The company said in a bourse filing that the new facility targets the optimization of the capital structure of RAWEC and monetization of the future cash flows of the company.

 

According to data compiled by Argaam, ACWA Power announced the dry financial closure for $125 million senior refinancing facility, the proceeds of which will be utilized by RAWEC, for various financial commitments.

 

These commitments cover the financing expenses and other general corporate purposes, such as the distribution of dividends on Jan. 2, 2022.

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