MESC amends debt-restructuring agreement with banks

30/10/2019 Argaam

 

Middle East Specialized Cables Co. (MESC) has amended today a debt-rescheduling agreement with a consortium of banks that includes Saudi British Bank (SABB), Arab National Bank (ANB), Banque Saudi Fransi (BSF) and Riyad Bank, the company said in a bourse filing.

 

Under the agreement, the tenure of the SAR 268.9 million credit facility will be extended to Nov. 28, 2019, instead of Oct. 31, 2019.

 

The facility started on Oct. 31, 2018, and has no related parties.

 

In November 2018, the company inked a debt-rescheduling agreement with a consortium of banks, as the credit facility tenure will be extended until April 30, 2019, instead of Oct. 31, 2018. A total of SAR 268.9 million will be rescheduled.

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