The National Industrialization Co. (Tasnee) on Wednesday signed a SAR 2.93 billion syndicated murabaha facility agreement with Riyad Bank, Saudi British Bank (SABB), Al Rajhi Bank, Emirates-NBD, Bank Albilad, SAMBA, Banque Saudi Fransi and Saudi Investment Bank.
The amount is intended to refinance the company’s existing facilities and reduce the principal installments in early years to support its cash flows during the period, Tasnee said in a bourse statement.
The facilities, covered by a promissory note, were extended so that the last installment before the refinancing is due in Q1 2024 instead of Q4 2021.
Tasnee on Wednesday has also signed a second syndicated murabaha facility agreement for SAR 981.8 million with Riyad Bank and SABB to refinance existing facilities and reduce the principal installments in early years to support its cash flows during the period.
The last installment is due in Q1 2024 compared to Q4 2020 before the refinancing.
The facility includes the signing of promissory notes as a security.
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