Dozens of banks have arranged $6.3 billion worth of syndicated loans to Saudi-Arabia's Saad Group and the Algosaibi family, Reuters LPC data shows, but it is not clear how much remains on their books.

Lenders include Citigroup, BNP Paribas, HSBC, Standard Chartered and JP Morgan, along with a host of other international and domestic banks.

Privately held investment company Saad is restructuring its debt after it ran into difficulties which it has declined to specify and the Saudi central bank has frozen the accounts of its billionaire chairman, Maan Al-Sanea.
 
Privately held Ahmad Hamad Al-Gosaibi & Brothers Company (AHAB) is also restructuring its debt.

Bankers have three current loans to the two groups. Such large loans are typically originated by large bank syndicates who can then choose to sell on parts or all of the debt into secondary markets.

One is a $2.815 billion loan to the Saad Group dated August 2007 that matures in August 2010. A second $2.75 billion loan, also to the Saad Group, was taken out in June 07 and matures in June 2012.

Ahmad Hamad Algosaibi & Bros Co borrowed $700 million in May 2007 which matures in May 2010. The group also took a $50 million murabaha deal, but that may already have matured in April 2009.

Abu Dhabi Commercial Bank has at least $500 million in exposure to Saad and Algosaibi, a banking source said.

A Bloomberg News report cited a list of 37 creditors that provided $5.6 billion to Saad Group, saying France's BNP loaned about $475 million to Saad Group and $47.5 million to AHAB.

Citigroup loaned $500 million to Saad, the report said. Jordan's Arab Bank gave a $350 million loan to Saad and $40 million to Algosaibi.

Samba Financial Group is owed $300 million by Saad Group, Belgium's Fortis Bank loaned $250 million to Saad, and HSBC  provided $200 million to Saad, Bloomberg said. - Reuters