BCI obtains SAR 125 mln credit facilities from GIB

Basic Chemicals Industries Co. (BCI) signed on Oct. 3 a credit facility contract with Gulf International Bank (GIB) for SAR 125 million.

The facility has a tenor of one year (revolving) and is covered by a promissory note, the company said in a bourse statement.

The amount is intended to finance working capital (SAR 120 million) and treasury facilities (SAR 5 million), the statement said, adding that there are no related parties to the deal.

In a separate statement, BCI said it signed on Oct. 3 a credit facility amendment contract with Arab National Bank (ANB) to the limit from SAR 262 million to SAR 412 million. 

The contract also extended the Tawarruq facilities term to 12 years and four months from 10 years and one month. 

The amount is intended to be used for partially financing the establishment of chlorine and its derivatives factory project in Jubail Industrial City to support cash flows. 

The amount is covered by a promissory note and no related parties are included in the deal, the statement said.

Previous repayment plan included 20 equal installments to start on Dec. 31, 2022, and end on Sept. 30, 2027, while the amended repayment plan includes 28 non-equal installments starting from March 31, 2023, until Dec. 31, 2029.