PIF Secures $3 Billion Syndicated Term Loan Covered by K-SURE
The Public Investment Fund (PIF) has secured a $3 billion syndicated term loan backed by Korea Trade Insurance Corporation (K-SURE), with options to increase it to $5 billion under certain conditions. Marking PIF's first loan supported by an export credit agency, the 13-year financing deal was struck with a group of nine international banks. This strategic move is part of PIF's plans to diversify its financing options.
The partnership, stemming from a March 2022 understanding, aims to boost Korean exports to PIF-linked projects, strengthening economic relations. Fahad Al Saif, PIF's Global Capital Finance leader, and Inho Lee, K-SURE's President, both praised the deal for advancing institutional partnerships and supporting technological and financial competitiveness for Korean enterprises.
This deal follows PIF's recent $3.5 billion sukuk, $8.5 billion in green bonds, and a $17 billion corporate loan in 2022. Seeking diverse funding, PIF leverages a range of sources and maintains strong credit ratings from Moody's (A1 with a positive outlook) and Fitch (A+ with a stable outlook).