Saudi Arabia's Kingdom Holding Co. is planning to raise up to US$ 500 million from a syndicated loan, with the proceeds largely to refinance existing debt, as per newswires. Kingdom Holding Co., which has minority stakes in some of the world's top companies including Citigroup Inc, had initially planned a
bond issue, but decided to go for the loan instead, as per the same source.
The investment firm has hired a number of local and international banks including J.P. Morgan Chase Inc, Deutsche Bank, Citigroup Inc, HSBC Holdings, Standard Chartered, Royal Bank of Scotland, Samba Financial Group, Banque Saudi Fransi and Saudi British Bank for the loan facility.
Established in 1980, Kingdom Holding Co. is a holding company with interests in ownership and operation of: hotels, resorts, residential compounds, hospitals, clinics and schools; chicken, meat and fish farms; retail outlets; real estate investment and development; publication of newspapers, magazines and periodicals; news gathering, advertising, shows and exhibitions, commercial printing and distribution services; and investment in various sectors.
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