Sipchem unit signs SAR 1 bln deal with BSF to refinance existing syndicated facility

31/01/2022 Argaam
Logo of Sahara International Petrochemical Co. (Sipchem)

Logo of Sahara International Petrochemical Co. (Sipchem)

Sahara International Petrochemical Co. (Sipchem) said that its affiliate Al Waha Petrochemicals Co. signed today, Jan. 31, SAR 1.001 billion Shariah-compliant facility agreement with Banque Saudi Fransi (BSF) to refinance an existing syndicated bank facility of SAR 1.96 billion.

 

The maturity date of the existing syndicated bank facility is in 2026, while it was extended to 2027 under the new financing, the company said in a bourse statement.

 

The new facility provides favorable terms and pricing which demonstrates the financial strength of Sipchem and its strong relationship with financial institutions.

 

The amount is not covered by any corporate guarantees and no related parties are included in the deal, the statement added.

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