Kingdom Holding Co., an investment company controlled by Saudi Prince Alwaleed bin Talal, is seeking a loan for about $500 million to help refinance existing debt, according to a person with direct knowledge of the deal.
The three-year facility is being self-arranged by the company with Citigroup Inc. assisting as coordinator, said the person, who asked not to be identified because the terms are private. About six banks are expected to participate in the loan, which is due to sign mid-January, the person said.
Billionaire Alwaleed owns a 95 percent stake in the investment company which is building a 1 kilometer high skyscraper in Jeddah, surpassing the Burj Khalifa in Dubai as the world’s tallest tower. Kingdom Holding said it completed the financing for the $1.2 billion project in September, without disclosing the amount.
The company did not immediately reply to an e-mail seeking comment on the financing.