People familiar with the matter say that Saudi Arabia's wealth fund is close to increasing the size of its loan.
The people asked not to be identified because the matter is private, said that the Public Investment Fund will use the bulk of the potentially bigger loan to refinance debt. People said that final terms have not been agreed.
The fund's representative refused to speak.
The $620 billion wealth fund is borrowing despite the kingdom's first budget surplus in a decade. After the end of the year, the government will decide on allocating the windfall between state-owned funds and the central bank.
In its first ever loan, the PIF borrowed $11 billion. The loan was priced at 75 basis points over the London Interbank Offered Rate, or just shy of 90 basis points including fees, according to a report.
Over the past few years, the PIF has become a global investor as it pursues the goal of increasing its assets to $1 trillion. It holds stakes in two companies.
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