Saudi Paper reschedules SAR 41.1 mln long-term loan with SAIB

26/03/2020 Argaam

 

Saudi Paper Manufacturing Co. (SPM) signed, on Wednesday, a Shariah compliant credit facility agreement to reschedule an outstanding loan with Saudi Investment Bank (SAIB) to support the company’s cash flows, the company said in a bourse statement.

 

The agreement includes rescheduling a fixed term credit facility worth SAR 43.6 million to SAR 41.07 million.

 

The previous loan tenure was 6 months from August 31, 2019 until January 1, 2020, with SAR 500,000 monthly installments, and the last installment of the total amount to be repaid as a lump sum of SAR 41.07 million.

 

The new credit 6-year tenor extends from January 31, 2020 until December 31, 2025. The amount is to be repaid on monthly installments including interest.

 

The facility is guaranteed by a promissory note, the company added, emphasizing that no related parties are involved in the deal.

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