The international water and energy company, ACWA Power, said the major $ 125 million refinance to Arab Rabigh Water and Electricity Company (RAWIC) will lead to increased financing costs for Rawick.
ACWA Power added, in a statement to Saudi Tadawul today Monday that the refinancing operation aims to improve Rawick’s capital structure and generate income from future cash flows.
ACWA Power announced the initial financial close of its main $ 125 million refinancing facility, called in dollars, the proceeds of which will be used by its subsidiary, Rabigh Arabian Water and Electricity (RAWIC), to cover multiple financial obligations, including financing costs, the company’s general purposes which include the distribution of its dividends on January 2, 2022.
ACWA Power said this $ 125 million facility was obtained from local banks, with a maturity period of 12.5 years, maturing in 2034, and the amount is expected to be received early in January 2022.
This line is an addition and a supplement to the previously announced major refinancing facility of $ 800 million received on December 30, 2021.
Rawick is an independent water, steam and power company that supplies these basic facilities exclusively to the refinery and integrated petrochemical complex owned by the Rabigh Refining and Petrochemical Company “Petro Rabigh”.
ACWA Power indirectly owns 99% of Rawick through its wholly owned subsidiaries.
Read More About: Business News