SABIC unit in talks with banks for $2 bln revolving credit facility, say sources

SABIC building

SABIC Capital, a wholly-owned subsidiary of Saudi Basic Industries Corp. (SABIC), is currently negotiating with a group of banks over options for a revolving credit facility worth $2 billion (SAR 7.5 billion), CNBC Arabia reported, citing banking sources.

The facility, to mature later in 2021 and priced at 25 basis points above London Interbank Offered Rate (LIBOR), was extended for one year in December 2020.

Meanwhile, sources indicated that talks are still underway and will be announced over the coming period.

The company has not yet decided on its options with respect to extending or refinancing the loan.