RIYADH: Emaar the Economic City Co. — also known as Emaar EC — has signed a rescheduling agreement with the Saudi British Bank revising the terms of SR976.25 million ($260.2 million) Shariah-compliant outstanding long-term Tawarruq facility.
The original loan amounted to SR2 billion, while the total current facilities amounted to SR1.28 billion, according to bourse filing.
The amended terms of the facility also include a grace period up to June 2023 and a repayment starting from June 2023 until December 2029 in semi-annual installments.
Before rescheduling, the financing period was from September 2014 until September 2021, the company said in a statement to the Saudi stock exchange, Tadawul.
This came to facilitate Emaar EC’s cash flow position and enhance its ability to move forward with its growth plans, the company said.
The collaterals included lands located within King Abdullah Economic City and a promissory note for the amount of the facilities.
The current facility also includes an existing working capital facility amounting to SR300 million, which includes short-term Tawarruq, letters of guarantee and letter of credit facilities.