Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) announced the signing of credit facility agreements on Aug. 28 with Gulf International Bank (GIB), Bank Albilad and Banque Saudi Fransi (BSF), at a total value of SAR 1.260 billion.

 

The facilities signed with Bank Albilad amount to SAR 550 million, with GIB to 485 SAR million, and with BSF to SAR 225 million, SPIMACO said in separate statements.

 

Details of Credit Facilities (SAR mln)
 

Bank Albilad

GIB

BSF

Total Credit

550

485

225

Short Term

200

200

200

Long Term

350

250

--

Treasury

--

35

25

Short Term Duration

1 year

1 year

1 year

Long Term Duration

10 years including 3 years grace period

6 years including 2 years grace period

--

Guarantees Offered

Promissory note

Promissory note

Promissory note
 

The company said the short-term facilities are aimed at financing working capital requirements, and of the long-term facilities are for financing future expansions and investments.

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