PIF Repays $10 Billion Bridge Loan Ahead of Schedule
Posted on 08/15/2020
Saudi Arabia’s Public Investment Fund (PIF) fully repaid a US$ 10 billion bridge loan that was due in October 2020. PIF paid back the loan two months ahead of schedule. The loan was created in 2019 to raise funds while it waited for the sales proceeds of an approximate US$ 70 billion stake in Saudi Basic Industries Corporation (SABIC).
Saudi Arabia’s Maaal news site reported the payment and broke the story first.
The banks providing the loan include: Bank of America Corporation, BNP Paribas SA, Citigroup Inc., Credit Agricole SA, HSBC Holdings Plc, JPMorgan Chase & Co., Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc., Standard Chartered Plc, and Sumitomo Mitsui Banking Corporation.
