Sipchem signs SR 1 bn refinancing deals



REUTERS

Published — Thursday 14 February 2013

Last update 13 February 2013 1:17 am

| نسخة PDF Send to Friend Print News | A A

ALKHOBAR: Three affiliates of Saudi International Petrochemical Company (Sipchem) have refinanced loan facilities worth SR 1.04 billion ($ 276 million) which were used to fund their key projects, Sipchem said yesterday.
International Acetyl Company, International Vinyl Acetate Company and International Gas Company have converted dollar-denominated loans raised in 2008 to build respective manufacturing plants into new long-term facilities denominated in riyals, the statement to the Saudi bourse said.
Riyad Bank was the lead arranger of the deal, which carried a "competitive variable interest rate" as well as a six-month grace period.
The first installment is due to be repaid in the second half of 2013, with the loan to be paid off in four years, the statement added.

Events & Exhibitions

Stay Connected

Facebook