Saudi Wealth Fund Prepares to Sign $11 Billion Loan
- Deal is the first time the Public Investment Fund has borrowed
- Morgan Stanley, Citigroup and JPMorgan are providing the loan
The Kingdom Tower, right, stands on the skyline above the King Fahd highway in Riyadh, Saudi Arabia.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia’s sovereign wealth fund will sign an $11 billion loan this week, marking its first-ever borrowing, according to people familiar with the matter.
Some of the biggest global lenders including Goldman Sachs Group Inc., HSBC Holdings Plc and JPMorgan Chase & Co. are providing the loan that’s priced at 75 basis points over Libor, or just shy of 90 basis points including fees, said the people, asking not to be identified because the information is private. London-based boutique Verus Partners is advising the Public Investment Fund on the talks, the people said.