Roshn secures $2.4bn funding for regional expansion
RIYADH, 3 hours, 27 minutes ago
Roshn Group, a leading Saudi multi-asset class developer powered by PIF, has secured a SAR9 billion ($2.4 billion) syndicated credit facility.
The unsecured revolving credit facility will be for a duration of five years and is part of Roshn’s funding strategy, intended for general corporate purposes.
Saudi National Bank, Arab National Bank & Riyad Bank served as Book Runners & Mandated Lead Arrangers. Bank Al Bilad & Alinma Bank participated as Lead Arrangers along with Saudi Awwal Bank as Arranger.
The transaction was supported by Riyad Bank as Documentation & Agent Bank as well as legal firms AS&H Clifford Chance as counsel for the banks and White & Case as counsel for Roshn.
The key credit facility will be used for funding Roshn’s growth and expansion plans, said a top official.
"This syndicated credit facility is a testament to the confidence that the market has in both Roshn and the country’s real estate market," remarked Avinash Pangarkar, Group Chief Finance Officer, Roshn Group.
"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," stated Pangarkar.
"Roshn will draw on these funds over the coming years to push forward with our development strategy," he added.
-TradeArabia News Service
