Saudi Paper reschedules SAR 78.5 mln loan with Al Rajhi Bank

Saudi Paper Manufacturing Co. (SPM) signed today, July 16,a credit facility agreement to reschedule an outstanding loan with Al Rajhi Bank to support the company’s cash flows and boost the working capital, the company said in a bourse statement.

The agreement includes rescheduling a credit facility worth SAR 78.527 million.

The previous loan tenor was three years as of Feb. 2019 until Oct. 2021.

The new credit 18-month tenor will be as follows:

- A sum of SAR 2 million to be repaid maximum by Sept. 30, 2020.

- A sum of SAR 3 million to be repaid in monthly installments as of July 31 until Dec. 31, 2020 at SAR 500,000 each.

- A sum of SAR 6 million to be repaid in monthly installments as of Jan. 31 until June 30, 2021 at SAR 1 million each.

- A remaining sum of SAR 67.527 million, due on July 31, 2021, will be rescheduled in its maturity date.

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