PIF Signs $10 Billion Syndicated Bridge Loan
Posted on 11/06/2019
Saudi Arabia’s Public Investment Fund (PIF) inked a US$ 10 billion syndicated bridge loan. PIF plans to use the proceeds to accelerate the implementation of its investment program. Some of the banks working on the loan include Bank of America Corporation, BNP Paribas, Citigroup, Credit Agricole, HSBC, J.P. Morgan, MUFG Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank. The financing facility is targeted to being repaid once the agreed sale of PIF’s stake in Saudi Basic Industries Corporation (SABIC) to Saudi Aramco is complete.