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(Bloomberg) — Saudi Arabia’s Rawabi Holding, a sprawling conglomerate with interests spanning energy, industrial services and real estate, is working with Alvarez & Marsal on a strategic review, according to people familiar with the matter.
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The advisory firm is assisting Rawabi on options to free up liquidity, the people said, requesting anonymity to discuss confidential information.
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As part of its efforts, Rawabi is renegotiating its borrowings with Banque Saudi Fransi, which include a promissory note of under $100 million, according to the people. Other refinancing talks are being considered, they said, without giving a scale or timeframe.
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The company’s financial obligations total at least $3 billion, including a $1.9 billion syndicated loan to its subsidiary Rawabi Energy, according to data compiled by Bloomberg.
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Rawabi regularly appoints and collaborates with consulting firms, and remains committed to all its financial obligations, it said in an emailed statement.
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“Managing debt and financial facilities is an integral part of the industry operating norms,” the firm said, adding that it has a track record of successful refinancing. “Our lenders have consistently been supportive throughout various economic cycles.”
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Representatives for Alvarez & Marsal and BSF declined to comment.
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The Saudi conglomerate was founded more than four decades ago and employs tens of thousands of people across its main verticals.
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“Rawabi Holding’s lenders benefit from high-quality security packages, reflecting the company’s strong financial management and robust asset base,” the firm said.
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