Saudi Electricity raises nearly $2.6 bln with revolving loan

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controlled Saudi Electricity Company (SEC) (5110.SE), the kingdom's electric transmission monopoly, said on Wednesday it had secured a $2.58 billion loan to refinance existing debt and for general corporate purposes.

The revolving credit facility has a three-year duration and was provided by a group of 11 banks, the company said in a bourse filing.

A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.

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