Reuters reveals Saudi Arabia in talks to refinance, downsize $16 bln loan

Reuters reported exclusively that Saudi Arabia is in talks with banks to amend the terms of a $16 billion loan due in 2023 and possibly reduce the size of the facility, as the world’s top oil exporter looks to cut outstanding government debt and improve its balance sheet. According to a Reuters source, the potential refinancing could be for 50% to 70% of the $16 billion facility, which Saudi Arabia raised in 2018 when it refinanced, extended and increased an existing $10 billion loan raised in 2016 and due in 2021.