Saudi Aramco has secured a one-year extension to a $10bn loan raised last year on improved terms, as per Reuters sources. While the loan came with an extension clause of 1Y at higher interest rates, the sources said that the oil giant has negotiated tighter terms based on improved market conditions. The extended facility is 30-40% lower than the original agreement, according to the sources. The state-owned company, which pays the lion’s share of its dividends to the Saudi sovereign, has been on a money raising spree this year. In the current month itself, it has closed a $12.4bn pipeline deal with a consortium led by EIG and has raised $6bn via debut Sukuk issuance. Prior to that in April, the Crown Prince Mohammed bin Salman had revealed plans to offload 1% stake worth $19bn in Aramco.
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