SABIC teams up with state fund for US$2.67 bln bond issues

Saudi state-controlled petrochemicals giant SABIC is opting for its first private bond placement to raise 10 bln riyals (US$2.67 bln) to boost its finances and fund expansion plans. Proceeds from the bonds, which will carry maturities of seven years, will help raise financing performance, boost competitiveness and contribute to achieve the company's expansion strategy. After the Dubai crisis, the Saudi major has been facing a regional investor climate tinged with uncertainty. This has pressed SABIC to sign an agreement with the Public Investment Fund (PIF) - the finance ministry's investment arm and its biggest shareholder, over the planned issues. PIF holds a 70% stake in SABIC- the world's biggest petrochemicals firm by market value while the balance is held by private investors. SABIC raised 16 billion riyals from the public through three Islamic bond issues over 2006-2008.
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