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Saudi Sipchem Signs $280m Refinancing Deals

Saudi Sipchem Signs $280m Refinancing Deals

The first instalment is due to be repaid in the second half of 2013.

Three affiliates of Saudi International Petrochemical Company (Sipchem) have refinanced loan facilities worth 1.04 billion riyals ($276 million) which were used to fund their key projects, Sipchem said on Tuesday.

International Acetyl Company, International Vinyl Acetate Company and International Gas Company have converted dollar-denominated loans raised in 2008 to build respective manufacturing plants into new long-term facilities denominated in riyals, the statement to the Saudi bourse said.

Riyad Bank was the lead arranger of the deal, which carried a “competitive variable interest rate” as well as a six-month grace period.

The first instalment is due to be repaid in the second half of 2013, with the loan for IGC running until 2022 and the IAC/IVAC facility to be paid off by 2024, the statement added.

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