Jabal Omar Development Company announces the signing of a facility agreement with Bank Albilad
Jabal Omar Development Company (“JODC” or the “Company”) announces the signing of a SAR 1.0bn facility agreement with Bank Albilad.
Date of singing the rescheduling of finance
2021-12-09 Corresponding to 1443-05-05
SAR 1,000,000,000 repaid through equal semi-annual instalments over the life of the loan with a final payment.
8 years with a grace period of 12 months
Guarantees offered for the financing
Security over certain real estate assets within the Jabal Omar Project
Repayment in full of SAR 643,739,135 of principal and accrued interest on the existing unsecured facility with Bank Albilad. Remaining balance will be used for extinguishing certain expensive liabilities and financing general corporate expenses.
This agreement is an integral component of the Company’s capital structure optimization plan, which aims to improve the Company’s funding structure and reduce its financing costs.