Saudi Paper inks debt rescheduling deal with Riyad Bank

29/01/2020 Argaam

 

Saudi Paper Manufacturing Co. (SPM) signed a Sharia-compliant credit facility agreement with Riyad Bank to reschedule an outstanding debt in line with the company’s cash flows, according to a bourse filing on Wednesday.

 

Under the deal, the Saudi-based firm will repay the rescheduled debt worth SAR 160 million in monthly installments for 7 years, starting from Jan.1, 2020 to Dec. 1, 2026.

 

The original loan worth SAR 160 million was set to be repaid in 3 years, starting from Oct. 31, 2019.

 

The rescheduled debt is secured by a promissory note only.

 

Moreover, no related parties are involved in the deal, the company said.

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