Sahara unit inks ​refinance agreement with SABB, BSF

21/01/2015 ِArgaam

Sahara Petrochemical Co. said that its 75 percent-owned subsidiary, Al-Waha Petrochemical, signed a SAR 1.96 billion Islamic facility agreement with Saudi British Bank (SABB) and Banque Saudi Fransi​.

 
The facility will go towards​ 
​refinancing ​
​existing loans funded in 2006 by 
​commercial lenders,
 Saudi Industrial Development Fund (SIDF) and the Public Investment Fund (PIF).  


The loan terms extends from Jan. 20, 2015 to Dec. 31, 2026 and is guaranteed by promissory notes, the company said on Wednesday in a statement to Tadawul, Saudi Arabia’s bourse.

Al-Waha also signed on Tuesday a SAR 375 million Islamic Murabaha working capital facility with SABB. 

 

The one-year loan agreement will be automatically renewable. The loan proceeds will be allocated for enhancing the company’s working capital and general corporate objectives​, the company added.

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