Saudi Arabia's sovereign wealth fund finalised the terms of a $10 billion loan it's seeking to raise from a group of banks, according to people familiar with the matter. The Public Investment Fund will pay 30 basis points over the London Interbank Offered Rate for the bridge loan — less than half the rate of its first borrowing, the people said, asking not to be identified because the information is private. The financing will have a one-year tenor with an option to extend by an additional 12 months, they said. The fund received more than $20 billion of offers from the banks, the people said. The loan will provide some liquidity for the PIF ahead of its Saudi Basic Industries Corp. stake sale, said one of the people. A spokesman for the PIF declined to comment. The fund was seeking to raise as much as $8 billion when it started talks with lenders in April, people said at the time. The PIF will repay the loan with the $70.1 billion it will get from the sale of its 70% holding in Sabic to Saudi Aramco.