Kingdom Holding in talks to reduce borrowing costs

June 10, 2014 1:16 am

Kingdom Holding Co (KHC), chaired by Prince Alwaleed, is in talks with lenders to cut borrowing costs on a $550m loan, Bloomberg has reported, citing four people with knowledge of the matter. The talks are part of a wider process to renegotiate costs and maturities on all KHC’s debt, two of the people said. The company hired Citigroup Inc. to coordinate the process, the people said. The firm is also seeking to extend the term of the loan, the people said. The facility is due to mature in January 2016.