Saudi Kayan secures SAR 2.6bn credit facilities from NCB and SAMBA

Saudi KAYAN Petrochemical Company, a petrochemical producer 35% owned by SABIC, signed a credit facilities agreement with the National Commercial Bank (NCB) and SAMBA Financial Group for an amount of SAR 2.6bn.
 

 NCB is to provide credit facilities of SAR 1.5bn on a term of 15 years while SAMBA will provide SAR 1.13bn facilities on a term of 10 years, both effective from the date of signing the agreement; Kayan said today on its filing to Tadawul.

The credit facilities are guaranteed by SABIC and the proceeds will be used in forming a debt service reserve account, financing expected capital raise and financing the company’s under construction projects such as N-Butanol plant.