Saudi PIF Secures New $17 Billion Term Loan
Posted on 12/01/2022
Saudi Arabia’s Public Investment Fund (PIF) secured a new US$ 17 billion, seven-year senior unsecured term loan. This represents the largest self-arranged term loan ever raised for general corporate purposes, supported by significant demand from an international syndicate, and reflects a continuation of PIF’s strategy to diversify its sources of funding, helping to drive impactful investment in Saudi Arabia and internationally. PIF’s existing US$ 11 billion, five-year loan, arranged in 2018, will be repaid early.
The transaction was supported by a broad based, global syndicate of 25 financial institutions from Europe, the U.S., the Middle East and Asia. The transaction was more than twice oversubscribed. PIF’s original US$ 11 billion loan facility in 2018 saw 15 financial institutions participate.
King Salman International Airport Masterplan
A public plan for the King Salman International Airport was released. The masterplan seeks to boost Riyadh’s position as a global logistics hub, stimulate transport, trade and tourism, and act as a bridge linking the East with the West. King Salman International Airport is expected to be one of the world’s largest airports covering an area of approximately 57 square kilometers, allowing for six parallel runways and including the existing terminals named after King Khalid.