Alhokair Group signs SAR 64.5 mln debt rescheduling deal with SAIB

Alhokair Group

Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) inked a debt rescheduling agreement with the Saudi Investment Bank (SAIB), it said in a bourse statement.

A sum of SAR 64.5 million, out of a total of SAR 147.2 million, will be restructured.

The restructured facility tenor will extend until December 2024, with a two-year grace period (2020 and 2021).

The facility tenor before the rescheduling agreement was as follows:

- A sum of SAR 7.8 million with a maturity date of June 2021

- A sum of SAR 18.3 million with a maturity date of June 2021

- A sum of SAR 38.4 million with a maturity date of May 2024

The restructuring agreement came in line with the company's cash flows, and was guaranteed by a promissory note.

The deal included no related parties, the statement added.