Saudi Arabia’s Rawabi Energy, along with its subsidiaries, closed a 7.17 billion riyals ($1.91 billion) multi-currency term and revolving credit facility, in one of the biggest financing deals in the kingdom.
The deal also underscores the trust placed in Rawabi Energy and Rawabi Holding Group, given their strong fundamentals and exceptional expertise in the energy and other sectors, according to reports. The syndicated facility, which was offered in Saudi riyals and US dollar financing, was oversubscribed by 1.33 times, the company said in a statement.
Rawabi Energy, a closed joint stock company, was incorporated in 2020 to consolidate Rawabi Holding Group’s energy services operations into integrated onshore and offshore oil and gas field services. It offers integrated onshore and offshore oil and gas field services to its strategic clients, including national and international oil companies, and holds interests in several international entities.
The landmark transaction, oversubscribed by 1.33 times due to strong market demand, highlights investor confidence in the Kingdom’s economy and its growth prospects under the strategic vision of the leadership. Ahmed Alqadeeb, Managing Director of Rawabi Energy, said:
“This transaction streamlines our existing finances and provides us with the required funding for further growth.”
HSBC Saudi Arabia acted as the sole structuring bank, joint global coordinator and global agent as well as facility and investment agent. Gulf International Bank and Gulf International Bank Saudi Arabia acted as joint global coordinators, mandated lead arrangers, facility and security agents.
Mandated lead arrangers included Saudi Awwal Bank, Saudi National Bank and Alinma Bank as well as Riyad Bank, Bank Al Jazira, and Al Rajhi Banking and Investment Corp. The lending group also included First Abu Dhabi Bank as lead arranger.