Sipchem units sign $280m refinancing
Al Khobar, February 13, 2013
Three affiliates of Saudi International Petrochemical Company (Sipchem) have refinanced loan facilities worth 1.04 billion riyals ($276 million) which were used to fund their key projects, Sipchem said on Tuesday.
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 instalment is due to be repaid in the second half of 2013, with the loan to be paid off in four years, the statement added. - Reuters