The Clap
Rawabi Energy and its subsidiaries revealed they managed to secure joint credit facilities worth SAR 7.17 billion ($1.9 billion), denominated in SAR and USD.
What
Participation requests exceeded the specified amount of financing with a coverage of more than 1.33 times, as a result of the strong demand in the market.
The financing is expected to help “accelerate” the company’s growth and expansion plans.
Rawabi Energy includes multiple joint venture companies as well as stakes in several global-leading companies.
So What
The deal reflects investors’ confidence in Rawabi Holding.
A consortium of local and regional banks has arranged the co-financing of Rawabi.
Now What
Rawabi Energy is looking to expand the number of banks participating in financing its operations to include regional banks, in addition to attracting US dollar liquidity in the long run.
