Refinance loan facilities worth SR 1.04 bln riyals for three affiliates of Sipchem

13-Feb-13

Three affiliates of Saudi International Petrochemical Company (Sipchem) have refinanced loan facilities worth 1.04 billion riyals (US$276 mln) which were used to fund their key projects, as per Reuters. 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. 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 H2-2013, with the loan to be paid off in four years.