Saudi Cable signs credit rescheduling agreement with Al Rajhi Bank for SAR 264.2 mln

02/06/2020 Argaam

 

Saudi Cable Co. signed on June 1, 2020 a credit facility rescheduling agreement with its last commercial lender, Al Rajhi Bank, for a value of SAR 264.2 million, the company said in a bourse statement.

 

As per the agreement, the financing duration before and after rescheduling is as follows:

 

-The amount of SAR 58.3 million will be for a period of 2 years, with 6-month grace;

 

-The amount of SAR 205.9 million will be for a period of 4 years, extendable up to 5 years, if the sum of SAR 58.3 million is settled within 2 years.

 

The company said that the credit facility was rescheduled due to unpaid loan overdue, adding that the rescheduling is guaranteed by a signed promissory note.

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