Saudi industrial group Tasnee gets $532 million credit facility for sukuk

Saudi industrial group Tasnee gets $532 million credit facility for sukuk
Tasnee, one of the largest industrial conglomerates in Saudi Arabia. (Supplied)
Updated 03 January 2019

Saudi industrial group Tasnee gets $532 million credit facility for sukuk

Saudi industrial group Tasnee gets $532 million credit facility for sukuk
  • Tasnee, like other regional petrochemical producers, is investing heavily in product expansions are global demand increases

LONDON: Saudi industrial group Tasnee has secured a SR2 billion ($532.4 million) credit facility from Banque Saudi Fransi to refinance an existing sukuk.
The Kingdom’s second-largest industrial group said it agreed the Murabaha faciity to refinance its sukuk, which matures in May.
The tenor of the new facility is seven years, Tasnee said in a filing to the Tadawul stock exchange on Wednesday.
“The agreement includes a number of conditions precedent for drawing down the facility,” Tasnee said in a statement.
Many regional corporate borrowers are seeking to refinance existing debt ahead of more expected interest rate rises in 2019.
Tasnee, like other regional petrochemical producers, is investing heavily in product expansions are global demand increases.