RIYADH: A subsidiary of Saudi Arabia's Kingdom Holding Co last week agreed to refinance the debt it used to buy London's Savoy Hotel with a new 200 million-pound ($311 million) loan, it said on Saturday.

Breezeroad is 50 percent owned by Kingdom, the investment vehicle of billionaire Prince Alwaleed bin Talal.

The financing was agreed with Credit Agricole Corporate and Investment Bank and DekaBank Deutsche Girozentrale