The Public Investment Fund has refinanced its 2021 USD 15 bn revolving credit facility from a syndicate of 23 regional and international unnamed financial institutions, it said in a press release. The three-year facility is extendable for an additional two years and is earmarked for “general corporate purposes,” the statement reads.

Speaking to the fund’s high creditworthiness: The sovereign wealth fund holds an A1 rating with a positive outlook from Moody’s, and an A+ rating with a stable outlook from Fitch.

The fund has raised USD 7 bn since the start of the year from two debt sales. Its GBP 650 mn offering — which was the second GBP-denominated debt issuance in Saudi history — was more than 6x oversubscribed in June.

REMEMBER- PIF ranked first in the 2023 Global SWF report with USD 31.6 bn worth of investment (+33% y-o-y. PIF last year wrapped-up some 49 transactions, dethroning Singapore's sovereign wealth fund Government of Singapore Investment Corporation (GIC).

IN OTHER DEBT NEWS-

Banque Saudi Fransi (BSF) has closed a SAR 3 bn tier-1 sukuk private offering under its SAR 8 bn sukuk program, according to a Tadawul disclosure. BSF had announced its intention to proceed with the offering earlier this month.

The details: The lender sold 3k shariah-compliant securities worth SAR 1 mn each at a 6% annual yield. Although the securities do not come with a specified maturity date, early redemption is possible under certain circumstances. Proceeds from the offering are earmarked for shoring up the bank’s capital base.

ADVISORS: Saudi Fransi Capital acted as the sole bookrunner, lead arranger, and manager on the transaction.

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