RIYADH: In one of the largest private sector financing deals in Saudi Arabia, the AlKhobar-based Rawabi Energy has closed SR7.17 billion ($1.91 billion) worth of multi-currency term and revolving credit facility. Offering Saudi riyal and US dollar facilities, the firm said the transaction was oversubscribed by 1.33 times the initial order, according to a press release. The company aims to utilize the capital to further boost its growth plans as well as streamline its existing finances. “We are delighted to receive this level of support on our debut dual-currency syndicated transaction from the local and regional banking community. This transaction demonstrates the strong partnership we have with our financiers, who have supported our growth over the years and played a key role in positioning Rawabi Energy as a national champion,” Abdulaziz Al-Turki, chairman of Rawabi Energy, said. HSBC Saudi Arabia acted as the sole structuring bank, joint global coordinator and global agent as well as facility agent and investment agent. Additionally, Gulf International Bank and Gulf International Bank Saudi Arabia acted as joint global coordinators, mandated lead arrangers, facility agents and security agents. Mandated lead arrangers included Saudi Awwal Bank, Saudi National Bank and Alinma Bank as well as Riyad Bank, Bank Al Jazira, and Al Rajhi Banking and Investment Corp. The lending group also included First Abu Dhabi Bank as lead arranger. Rawabi Energy, a closed joint stock company, was incorporated in 2020 to consolidate Rawabi Holding Group’s energy services operations into integrated onshore and offshore oil and gas field services.