PIF secures $3-bln K-SURE-covered syndicated term loan

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RIYADH โ€” The Public Funding Fund (PIF) and Korea Commerce Insurance coverage Company (Okay-SURE) have inked a major financing settlement. PIF efficiently secured a time period mortgage from a consortium of 9 main worldwide lenders, with Okay-SURE offering protection for the transaction.

The financing, boasting a door-to-door tenor of 13 years, will initially be set at $3 billion, with an choice to doubtlessly enhance it to $5 billion, topic to pre-agreed phrases and circumstances. This milestone marks PIF’s inaugural financing lined by an export credit score company, aligning with its ongoing efforts to diversify funding sources.

The collaboration between PIF and Okay-SURE, initiated by a memorandum of understanding in March 2022, solidifies their partnership. This Okay-SURE lined time period mortgage goals to advertise the export of Korean items and companies into tasks and subsidiaries owned, both partially or totally, by PIF, thereby fortifying financial ties.

Fahad Al Saif, head of the World Capital Finance Division at PIF, emphasised the importance of this collaboration, stating, “This collaboration with Okay-SURE underscores PIF’s dedication to foster institutional partnerships as we proceed to ship on our medium-term capital elevating technique.”

Inho Lee, President of Okay-SURE, highlighted the constructive impression of the monetary help, noting that it not solely enhances technological competitiveness for Korean firms but in addition supplies monetary competitiveness to extend orders, contributing to the forward-looking partnership between the 2 nations.

This financing follows PIF’s latest monetary actions, together with a global sukuk issuance of $3.5 billion, two inexperienced bond issuances totaling $8.5 billion, and a $17 billion company mortgage in 2022. PIF continues to diversify its funding sources, with loans and debt devices taking part in an important function alongside different avenues corresponding to retained earnings, capital injections, and authorities belongings.

PIF maintains sturdy credit score rankings, with Moody’s ranking it A1 with a constructive outlook and Fitch ranking it A+ with a secure outlook. โ€” SG

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