SIDC inks SAR 8.5 mln debt-restructuring deal with SIDF

06/11/2018 Argaam

Saudi Industrial Development Co. (SIDC) has inked a debt-restructuring agreement with the Saudi Industrial Development Fund (SIDF) at a total value of SAR 8.5 million, the company said in a bourse filing.

 

Accordingly, the debt, owed by SIDC Ceramic Plant (CASAVIA), will be repaid in two installments, as the plant will implement an operational revamp plan.

 

The debt-rescheduling agreement came in line with the terms mentioned in the loan deal dated July 22, 2003 and the settlement agreement dated Sept. 8, 2013.

 

The loan facility’s tenure originally extended from Sept. 8, 2013 until Dec. 26, 2018. However, the loan term will now begin on Nov. 6, 2018 to Dec. 16, 2018, as per the new agreement.

 

The financing was guaranteed by promissory notes and pledged assets.

 

The debt is a part of a SAR 83.9 million loan facility, of which SAR 75.4 million was paid off.

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