SPM reschedules SAR 26.5 mln credit with NCB

Saudi Paper Manufacturing Co. (SPM) has inked on Tuesday an agreement to reschedule a SAR 26.5 million loan from the National Commercial Bank (NCB), the company said in a bourse statement.

The original agreement had a value of SAR 30.05 million and a repayment period of one year from Feb. 1, 2018 until Feb. 28, 2019.

The new financing period is three years including a grass period of six month, where the first installment should be paid by Sept. 30, 2019 and the last is due on March 31, 2022.

The agreement is guaranteed by a promissory note.

No related parties are involved in the deal, the statement added.