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  • SAUDI ARABIA BREAKING NEWS

Saudi Arabia To Raise $11 Billion From Syndicated Loan, Bloomberg Reports


Saudi Arabia To Raise $11 Billion From Syndicated Loan, Bloomberg Reports


Saudi Arabia plans to raise $11 billion from a syndicated loan as the kingdom seeks to finance its investment plans, Bloomberg News reported on Friday.


The kingdom's Ministery of Finance has appointed Industrial & Commercial Bank of China Ltd (ICBC) as coordinator and bookrunner for the long-term senior unsecured loan, the report said citing people familiar with the matter.


The 10-year loan is offering an interest rate of 100 basis points over the Secured Overnight Financing Rate - the usual reference rate when borrowing in dollars, the report added.


ICBC has invited other banks to participate in the loan and has asked interested parties to respect before mid-October, Bloomberg reported.


Saudi Arabia's Ministery of Finance and ICBC did not immediately respond to a Reuters request for comment.

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