ROSHN has secured a $2.4bn (SR9bn) credit line as it looks to grow the Saudi real estate sector.
The unsecured revolving credit facility will be for a duration of five years and is part of PIF-backed ROSHN’s funding strategy, intended for general corporate purposes.
The credit facility will be used to fund ROSHN’s growth and expansion plans.
Saudi National Bank, Arab National Bank and Riyad Bank served as book runners and mandated lead arrangers.
Bank Al Bilad & Alinma Bank participated as Lead Arrangers along with Saudi Awwal Bank as Arrangers.
The transaction was supported by Riyad Bank as documentation and agent bank as well as legal firms AS&H Clifford Chance as counsel for the banks and White & Case as counsel for ROSHN.
Avinash Pangarkar, Group Chief Finance Officer of ROSHN Group, said the credit line shows the market’s confidence in the firm.
His words, “This syndicated credit facility is a testament to the confidence that the market has in both ROSHN and the country’s real estate market.
“Our banking partners are excited by the progress we are making in developing our projects across the Kingdom as we look to support Vision 2030’s goals.
“ROSHN will draw on these funds over the coming years to push forward with our development strategy.”
