Saudi Aramco Total Refining and Petrochemical Company’s (SATORP) shareholders and board of directors approved signing a list of refinancing contracts of a total value of $2.2 billion (SAR 8.25 billion), Arabian Aramco Total Services Company said in a bourse statement on Wednesday.

 

The contracts include alternative credit facilities that aim to reschedule the existing debt of SATORP.

 

The company also said that its Sukuk listed on the Saudi Stock Exchange (Tadawul) with a value of SAR 3.75 billion will be partially redeemed according to the redemption schedule approved by the Capital Market Authority (CMA).

 

As a result, the statement added, SATORP will not sign some financing documents related to the full payment of the Sukuk.

 

Arabian Aramco Total Services Co. announced on Nov. 3 the results of the sukuk holders meeting, which was held on Thursday, October 31, 2019.

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