Nama Chemicals reschedules existing debt with Kuwait's NBK

15/09/2024 Argaam
Logo ofNama Chemicals Co.

Logo of Nama Chemicals Co.

Nama Chemicals Co. signed an agreement to reschedule its existing debt with National Bank of Kuwait (NBK), the chemical producer said in a statement to Tadawul today, Sept. 15.
 

It added that the current financing reaches SAR 35.51 million, and the amount to be rescheduled totals SAR 35.51 million.

 

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The remaining tenor of the existing loan is 11 months, extending until Oct. 24, 2025. The tenor of the new rescheduled loan is 36 months until June 30, 2027, the company noted.

 

The rescheduled loan is guaranteed by a promissory note from Nama Chemicals and corporate guarantees from its subsidiaries.

 

The extension of the company’s debt repayment period from 11 to 36 months aims to reduce the monthly cash outflows and boost its financial position.

 

The deal does not have any related parties, according to the statement.

 

In December 2022, the chemical producer signed a Murabaha facility agreement worth SAR 60 million with NBK to finance the former's working capital, as reported earlier by Argaam.

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