Al Akaria signs agreement with NCB to restructure SAR 2.07 bln loan

Saudi Real Estate Co. (Al Akaria) signed an agreement with National Commercial Bank (NCB) to restructure an existing SAR 2.07 billion credit facility to match the company’s future cash flows, the developer said in a bourse statement.

Under the previous agreement, the credit financing period was 4 years after which the amount would be paid as lump sum on May 31, 2019.

The new agreement extends the credit financing period to 7 years for the first facility, amounting to SAR 1.62 billion. The first installment is due on November 21, 2021, while the remaining amount of SAR 450 million is due on August 21, 2020.

The facilities are covered by a mortgage and a promissory note, the developer said, indicating that no related parties are involved in the deal.