Saudi "Rawabi" Energy announced today, Monday, that it has "completed a mult-currency joint credit facility, including the Saudi riyal and the US dollar, valued at 7.175 billion riyals (1.9 billion dollars) in an effort to accelerate its growth and refinance its existing debts." The company stated in a press release, "The financing will support the acceleration of the company’s growth and expansion plans, backed by the refinancing of all existing obligations and providing additional long-term financing," adding that participation requests exceeded the specified size of the financing by more than 1.33 times.
HSBC Saudi Arabia played a role in structuring the financing, while Gulf International Bank served as the joint global coordinator. Joining them as key local financiers were Saudi National Bank, National Commercial Bank, Al-Inma Bank, Riyadh Bank, Al-Jazira Bank, and Al-Rajhi Bank, alongside First Abu Dhabi Bank from the UAE. Rawabi Energy, a subsidiary of Rawabi Holding Group, stated that "this deal is one of the largest joint credit facilities in the history of the Saudi market."
"Rawabi" Energy is a closed joint-stock company established in 2020 to consolidate the energy services businesses within the Rawabi Holding Group. Its subsidiaries include "Rawabi" Valiance Marine Services, "Rawabi" Oil and Gas, and United Safety Limited in Canada.
