Saudi working with HSBC, JPMorgan and others to refinance its $10 bn loan

Saudi Arabia is working with HSBC, JPMorgan and Mitsubishi UFJ Financial Group on the refinancing of its existing $10 billion syndicated loan, said banking sources familiar with the matter.

The three lenders have a leading role in the refinancing, which will involve a much larger group of banks. Loan syndication is expected to be completed by mid-February, said the sources.

A spokesman for the Saudi debt management office said: "The DMO is coordinating this transaction directly with all financial institutions and it would be inappropriate to comment further whilst discussions are still ongoing."

HSBC and JPMorgan declined to comment, while MUFG did not immediately respond to a request for comment.