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Jabal Omar Development Company announces restructuring of the Islamic term financing provided by SABB and SNB

Introduction
Jabal Omar Development Company announces signing an agreement to restructure the Islamic term financing (the “Facility”) provided by SABB and SAMBA (SNB currently) under certain financing the agreements originally entered into on May 2015. Key terms of the restructuring included the following:
• Reinstating SR 1.2 billion of available limit to be drawn

• Extending the facility’s final maturity by 3 years from the date of maturity of the original financing; with an option to extend by a further 3 years, subject to certain pre-agreed conditions

• Sculpted amortization schedule based on the underlying projects’ cash flows with sufficient headroom

• Scheduled repayments will initiate after a grace period of 3 years

• Scope for step-down in profit rate based on achieved progress on Phases 2 and 4 of the Project and deleveraging of the facility

Date of singing the rescheduling of finance
2021-10-04 Corresponding to 1443-02-27
Financing entity
SABB and SNB
Reasons for rescheduling
Arrange required funding to complete Phases 2 & 4 of Jabal Omar Project and improve the commercial terms of the facility to be aligned with the company’s cash flows and capital structure.
The Financing amount and rescheduled part
• Total financing limit before restructuring was SR 4.7 billion
• Total financing limit after restructuring is SR 5.9 billion

Financing Duration, before and after Rescheduling
• The tenor of the original facility was 12 years from the date of signing the agreement on May 2015.
• The tenor of the restructured facility is 9 years from the date of signing the agreement to restructure the facility on October 2021; with an option to extend by a further 3 years subject to certain pre-agreed conditions.

Guarantees offered for the rescheduled Financing
No guarantees or additional security offered as part of this process.
Related Parties
It is worth noting that this transaction involves a related party; as the Chairman of the Board, Mr. Saeed Alghamdi, is the ED and CEO of the Saudi National Bank. The company will present this contract to the general assembly to obtain its approval.
Additional Information
This restructuring forms part of the company’s turnaround plan to improve its capital structure, decrease its financial obligations and accelerate the completion of the project’s phases.

Other Disclosures

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