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Saudi Arabia set to secure $10 billion loan amid crude-oil slide

By Nico Parasie

THE WALL STREET JOURNAL
Published: Apr 20, 2016 7:53 a.m. ET

5-year loan marks the country’s return to the global credit markets after a quarter-century

Reuters

Saudi Arabia's King Abdullah bin Abdulaziz talk is looking for billions to address a budget shortfall as crude oil stays around $40/bbl.

DUBAI—Saudi Arabia is set to secure a $10 billion loan from international banks as the kingdom seeks to address a budget shortfall caused by the fall in oil prices CLK6, +4.04% CLM6, +3.84% LCOM6, +3.79% according to five bankers close to the transaction.

Saudi Arabia increased the loan size from an initial target range between $6 billion and $8 billion, after receiving strong demand from a wide range of global banks, said the people familiar with the matter. The terms of the loan have been agreed and only requires the documentation to be finalized, said the people.

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Among the participating lenders are U.S. banks J.P. Morgan Chase JPM, +1.47%Goldman Sachs GS, +2.41% and Morgan Stanley MS, +2.59% but also a strong Asian contingent including Bank of Tokyo-Mitsubishi UFJ, Industrial and Commercial Bank of China and Mizuho Bank, said the bankers.

An expanded version of this report appears on WSJ.com

http://www.marketwatch.com/story/saudi-arabia-set-to-secure-10-billion-loan-amid-crude-oil-slide-2016-04-20