Sahara Petrochemical Co. said its subsidiary Al-Waha Petrochemical signed on Jan. 20 an Islamic facility agreement worth SAR 1.964 billion with Saudi British Bank (SABB) and Banque Saudi Fransi, according to Tadawul website.
The agreement is to refinance existing loans which were initially funded by commercial lenders, SIDF and PIF in 2006 during the project phase.
The financing duration extends from Jan. 20, 2015 until Dec. 31, 2026.
The purpose of the financing is to reflect the operational nature of Al Waha and replace the existing loans with more favorable margins and conditions, Sahara said.
The loan is guaranteed by order notes.
Al-Waha signed on Jan. 20 an Islamic Murabaha working capital facility worth SAR 375 million with Saudi British Bank (SABB), to support its working capital and general corporate requirements.
This annually-renewed loan has a duration period of one year.
Photo Credit: Arabianeye-Reuters
The agreement is to refinance existing loans which were initially funded by commercial lenders, SIDF and PIF in 2006 during the project phase.
The financing duration extends from Jan. 20, 2015 until Dec. 31, 2026.
The purpose of the financing is to reflect the operational nature of Al Waha and replace the existing loans with more favorable margins and conditions, Sahara said.
The loan is guaranteed by order notes.
Al-Waha signed on Jan. 20 an Islamic Murabaha working capital facility worth SAR 375 million with Saudi British Bank (SABB), to support its working capital and general corporate requirements.
This annually-renewed loan has a duration period of one year.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
