{"id":89145,"date":"2024-08-29T00:00:00","date_gmt":"2024-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/29\/pif-refinances-a-usd-15-bn-credit-facility\/"},"modified":"2024-08-29T00:00:00","modified_gmt":"2024-08-29T00:00:00","slug":"pif-refinances-a-usd-15-bn-credit-facility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/29\/pif-refinances-a-usd-15-bn-credit-facility\/","title":{"rendered":"PIF refinances a USD 15 bn credit facility"},"content":{"rendered":"

The Public Investment Fund has refinanced its 2021 USD 15 bn revolving<\/strong> credit facility<\/strong> from a syndicate of 23 regional and international unnamed financial institutions, it said in a press release<\/a>. The three-year facility is extendable for an additional two years and is earmarked for \u201cgeneral corporate purposes,\u201d the statement reads.<\/p>\n

Speaking to the fund\u2019s high creditworthiness: <\/strong>The sovereign wealth fund holds an A1 rating with a positive outlook from Moody\u2019s, and an A+ rating with a stable outlook from Fitch. <\/p>\n

The fund has raised USD 7 bn <\/strong>since the start of the year<\/a><\/strong> from two debt sales. <\/strong>Its GBP 650 mn offering \u2014 which was the second GBP-denominated debt issuance in Saudi history \u2014 was more than 6x oversubscribed<\/a> in June.<\/p>\n

REMEMBER- <\/strong>PIF ranked first in the 2023 Global SWF report<\/a> 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).<\/p>\n

\n

IN OTHER DEBT NEWS-<\/p>\n

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

The details:<\/strong> 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\u2019s capital base.<\/p>\n

ADVISORS:<\/strong> Saudi Fransi Capital acted as the sole bookrunner, lead arranger, and manager on the transaction. <\/p>\n","protected":false},"excerpt":{"rendered":"

The facility was secured from a syndicate of 23 financial institutions<\/p>\n","protected":false},"author":1,"featured_media":89146,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[57,10,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"3c7b6b66-d238-40e2-9c88-86a5ce6f56a3","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1365.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The Public Investment Fund refinances a USD 15 bn credit facility","related_issue":[89140],"teaser":"The facility was secured from a syndicate of 23 financial institutions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.5d806f04-a74c-4ee2-b648-a48cf3647f7d.mp3"},"yoast_head":"\nPIF refinances a USD 15 bn credit facility - 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