Jabal Omar Development Co. — Capital/Financing Update 2021

Dec 12, 2021

Jabal Omar Development Company announces the signing of a facility agreement with Bank Albilad

4250 · 12/12/2021 08:02:28 · Announcement #65909 · View on Saudi Exchange

Jabal Omar Development Company announces the signing of a facility agreement with Bank Albilad

Element List	Explanation
Introduction	Jabal Omar Development Company (“JODC” or the “Company”) announces the signing of a SAR 1.0bn facility agreement with Bank Albilad.
Date of obtaining the funding	2021-12-09 Corresponding to 1443-05-05
Financing entity	Bank Albilad
Financing amount.	SAR 1,000,000,000 repaid through equal semi-annual instalments over the life of the loan with a final payment.
Financing duration.	8 years with a grace period of 12 months
Guarantees offered for the financing	Security over certain real estate assets within the Jabal Omar Project
Financing objective	Repayment in full of SAR 643,739,135 of principal and accrued interest on the existing unsecured facility with Bank Albilad. Remaining balance will be used for extinguishing certain expensive liabilities and financing general corporate expenses.
Related Parties	None
Additional Information	This agreement is an integral component of the Company's capital structure optimization plan, which aims to improve the Company’s funding structure and reduce its financing costs.

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