SASCO reschedules SAR 225 mln Islamic facilities with Banque Saudi Fransi

Saudi Automotive Services Company (SASCO) on Wednesday completed renewing and rescheduling Sharia-compliant credit facilities with Banque Saudi Fransi, the company said in a statement to Tadawul on Thursday.

The rescheduling is aimed at restructuring of existing facilities in line with the company’s expected cash flows amid future expansions.

SASCO has finalized rescheduling SAR 44.9 million out of a SAR 224.7 million loan.

The company’s total facilities stand at SAR 439.3 million, the statement added.

The rescheduling agreement includes SAR 120.1 million various credit facilities and SAR 346.2 million medium- and long-term financing facilities.

Following this move, the repayment period was extended to eight years including a 36-month grace period with the first payment due on June 30, 2018, SASCO added.

All facilities will be paid by December 31, 2022.

SASCO secured these facilities to finance land purchases, establish new fuel stations and improve the existing ones.

No additional collateral was provided for the debt rescheduling.

Other collateral worth SAR 189.3 million – in the form of a promissory note and/or pledge of shares, deposit and pledge of title deeds – will remain unchanged.