Sipchem’s affiliate signs agreements to refinance SAR 1.53B outstanding loan
One of Sipchem plants
Sahara International Petrochemical Co. (Sipchem) said that its affiliate, Sahara and Ma'aden Petrochemicals Co. (SAMAPCO) signed Islamic facility agreements to refinance its SAR 1.53 billion outstanding syndicated loan with Banque Saudi Fransi and Al Rajhi Bank.
These agreements also cover a revolving Islamic Murabaha facility amounting to SAR 200 million with each bank to support the company’s working capital and general objectives, Sipchem said in a statement to Tadawul.
|
Finance Value and Rescheduled Loan |
|
|
Total Finance |
SAR 2.25 bln |
|
Repaid Amount |
SAR 724.6 mln |
|
New Financing |
SAR 1.53 bln |
|
Previous Financing Period |
8 years |
|
New Financing Period |
8 years |
The new agreements provide better commercial terms and competitive rates, which would contribute to reducing financial costs. Sipchem provided a promissory note as collateral for the rescheduled financing.
The rescheduling agreement was signed on May 12, Sipchem added, noting that there are no related parties.