Summary of Proposed Investment
Project Number
11492
Company Name
SAUDI ORIX LEASING COMPANY
Date SPI Disclosed
Apr 4, 2002
Country
Saudi Arabia
Industry
Financial Markets
Projected Board Date
May 9, 2002
Status
Completed
Sector
Leasing Services
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : May 16, 2002
Signed : Mar 5, 2003
Invested : Oct 31, 2000
Project Description
The project consists of structuring and partially guaranteeing the first corporate term note in Saudi Arabia. The note will be issued by SOLC which will use the term borrowings to finance the growth of its leasing portfolio.
This will be the first bond ever issued in Saudi Arabia, and the first paper of its kind for a non-bank financial institution. The project will have a strong demonstration effect for the development of capital markets and bond issues in the country. The project is strongly supported by the Saudi Arabian Monetary Agency (SAMA) the country''s Central Bank and IFC is working closely with SAMA to support SAMA''s objective of promoting local bond issues. IFC’s guarantee will assist the company in obtaining term funding, otherwise not available in the market and will emphasize IFC’s role as a neutral partner assisting in the structuring this multi-party risk exposure.
This will be the first bond ever issued in Saudi Arabia, and the first paper of its kind for a non-bank financial institution. The project will have a strong demonstration effect for the development of capital markets and bond issues in the country. The project is strongly supported by the Saudi Arabian Monetary Agency (SAMA) the country''s Central Bank and IFC is working closely with SAMA to support SAMA''s objective of promoting local bond issues. IFC’s guarantee will assist the company in obtaining term funding, otherwise not available in the market and will emphasize IFC’s role as a neutral partner assisting in the structuring this multi-party risk exposure.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Shaheen Amin, General Manager
P.O. Box 22890 Riyadh
11418 Saudi Arabia
Phone: 966-1-474-9224
Fax: 966-1-474-9214
P.O. Box 22890 Riyadh
11418 Saudi Arabia
Phone: 966-1-474-9224
Fax: 966-1-474-9214