Saudi Kayan repays last installment of senior loans at SAR 2.4 bln

Saudi Kayan headquarters

Saudi Kayan Petrochemical Co. repaid on Nov.28 the last installment of its senior loans at $644 million (SAR 2.4 billion).

In a statement to Tadawul, Saudi Kayan said the senior loans were fully settled.

Saudi Kayan secured, on May 31, 2008, from a group of banks and financial institutions loans at a total value of $6 billion (SAR 22.5 billion) for 15 years. This was ahead of the agreed scheduled payment plan to finance part of the expenses of its complex in Jubail Industrial City.

The latter is deemed one of the world's largest integrated petrochemical complexes.

Saudi Kayan expected a positive financial impact from this repayment. The move is set to reduce finance costs by nearly SAR 54 million.