Saudi-based retailer obtains a long-term USD 800 million debt facility

Fawaz Abdulaziz Alhokair Company has taken on an Islamic finance facility with a syndicate of banks, including: Al Rajhi Banking and Investment Corporation, the National Commercial Bank, Samba Financial Group, Arab National Bank, Mashreqbank and Abu Dhabi Islamic Bank.The new facility comprises a USD 650 million, seven-year Murabaha facility, as well as a USD150 million revolving standby credit facility, with a tenure of three years.

The Murabaha facility will particularly be used to refinance existing group debt, while the revolving standby credit facility will be used to finance the company’s operational and expansion requirements.

The Chief Executive Officer of Fawaz Abdulaziz Alhokair Company, Marwan Mourkarzel stated that the new debt package suggests regional...