Alujains subsidiary NATPET signs SR.974 million Islamic Bridging Facility Agreement

29/09/2012 Argaam

Alujain Corporation announces that on 10 DhullQada 1433H corresponding to 26 September 2012 its affiliate National Petrochemical Industrial Company (NATPET) signed an Islamic Bridging Facility Agreement for SR.974 million with Banque Saudi Fransi and SAMBA Financial Group. The proceeds of this Facility will be used to fully prepay the remaining balance of SR.854 million of its Existing Term Loan and use SR.120 million for working capital needs and equity investments in the previously announced downstream projects (TADAWUL announcements on 1/2/2011 & 10/6/2012)

This bridge facility is convertible for a long term facility by mutual agreement between NATPET and its lenders, in a maximum period of nine months, thus offering the company lower cost of funds than its existing facility and the benefit of better terms for its future financing requirements

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