Search form

Last updated: 26 min 2 sec ago

You are here

Business & Economy

Sipchem signs SR 1 bn refinancing deals

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.

MORE FROM Business & Economy