RED SEA HOUSING SIGNS MEDIUM-TERM LOAN AND CREDIT AGREEMENTS

Red Sea Housing Services Company announces that it has concluded today 11/05/1434 corresponding to 23/03/2013 the signing a medium-term Loan and Credit Facility Agreement with National Commercial Bank in the amount of SAR 255.60 million. 
The agreements include a medium-term loan in the amount of SAR 125 million to finance the construction project of GS Engineering camp in Rabigh, which was earlier announced on 26/01/2013. The terms of the agreement includes a one-year grace period and a repayment over a 30-months period starting from 31/03/2014. This facility is secured by a promissory note and the assignment of contract proceeds from the project. 
In addition, the agreements include a general facility line in the amount of SAR 130.60 million to finance the procurement of raw materials and different building materials required by the company, in addition to issuing Letters of Credit and Letter of Guarantee. The facility is secured by a promissory note. This agreement will expire by 30/04/2014, and can be annually renewed according to the agreed upon terms and conditions