The developer TRSDC announced on 19th of January 2022 that the financial closed on USD 3.76 billion term loan facility and now they have a credit facility with 4 main Saudi banks (Banque Saudi Fransi, Riyad Bank, Saudi British Bank, Saudi National Bank).
CEO of TRSDC John Pagano said that they are focusing on execution and delivery of the project to be able to welcome first guests at the end of this year.
TRSDC’s Green Financing recently was granted by GFC Media Group with an award for Project Finance Deal of Year in the Capital markets Saudi Arabia Awards. It is in recognition of the year’s most innovative and ground-breaking deals from Sovereign, Corporate and Financial Institution issuers and borrowers.
The Green Financing accreditation was awarded because of company’s market leading approach to social and environmental sustainability and TRSP international recognition as a green project.
Jay Rosen, Group CFO said, that by achieving Financial Close for their first phase the project gains extra credibility in the market and becomes more attractive to investors.
Source: https://www.theredsea.sa/en/media-center/news/the-red-sea-development-company-financially-closes-on-sar-14-120-billion-loan