- LONDON: SABIC Capital, affiliated to Saudi Arabia Basic Industries Corp (SABIC), has signed a $1.25 billion, five-year revolving credit facility with fifteen banks, a banking source said.
The total loan amount was $2 billion, with the remaining funds made up of bilateral loans from the same participants involved in the syndicated loan, a banking source said.
The five coordinators and bookrunners are Bank of Tokyo-Mitsubishi UFJ, Citi,SMBC, ING and Mizuho. The mandated loan arrangers are Barclays, BNP Paribas, Commerzbank, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase Bank, Standard Chartered and RBS.
The margin was 40 basis points (bps) over LIBOR, another banker said.
SABIC Capital was established in 2008 to look after the financing and tax operations of SABIC’s investments in Europe and the United States after the acquisition of DSM Petrochemicals and GE Plastics.
SABIC makes chemicals, fertilize, plastics and metals used in paint, rubber, textiles, leather, cleaning products, glass, food and other consumer industries.
SABIC is rated A+ by Fitch and Standard and Poor’s and A1 by Moody.