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First Fix locks in financing for bond rollout: The Fundamental Installation for Electric Work (First Fix) lined up a SAR 280 mn Shariah-compliant loan from Saudi National Bank (SNB) to issue bonds, its parent company Red Sea International said in a filing to Tadawul. The loan is guaranteed by a promissory note, as well as corporate guarantees from Red Sea International and MSB, the disclosure said.
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First Fix will use the funds to facilitate bond issuances including a bid bond, advanced payment bond, performance bond, and retention bond. The bond program is intended to raise additional capital to finance the company’s upcoming projects, according to the filing. Part of the funds will also be allocated to letter of credit facilities.
About First Fix: Established in 2015, the Jeddah-based company specializes in mechanical, electrical, and plumbing (MEP) services, offering integrated design, engineering, and construction solutions, according to its website. Its clientele includes the likes of Neom, the Finance Ministry, and Aramco, among other high-level government, semi-government, and private sector outfits.
IN OTHER DEBT NEWS-
Saudi Printing and Packaging (SPP) is lining up a capital increase through debt conversion after inking a two-part debt settlement agreement with Alinma Bank to settle SAR 178.1 mn in outstanding debts, according to a disclosure to Tadawul. SPP will convert some SAR 73.6 mn in debt owed to Alinma Bank into new ordinary shares as per its board’s recommendation, with the move pending approval from regulators and shareholders. SPP tapped our friends at EFG Hermes KSA as financial advisor for the transaction.
And the rest? SPP will settle the remaining SAR 110 mn balance by transferring two land plots with a combined area of 122.3k sqm in Al Manarat District, Jeddah to Alinma bank, according to a separate disclosure outlining both transactions.
