Middle East Specialized Cables Company (MESC) announces the signing of the agreement related to the extension and amendment of the facilities (Sharia-compliant) with Alawwal Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, Riyad Bank and The Saudi British Bank (SABB), as follows:
1.The extension and amendment of the facilities were signed on 06/09/1439H (corresponding to 21/05/2018G).
2.The purpose of the transaction is to extend the term of certain financing arrangements from five 5 years to seven 7 years until 31 December 2019, and reallocate the available funding in line with the company plan.
3.The value of the rescheduled amount is SAR [124,088,798] out of the original amount of SAR [417,000,000].
4.The original repayment schedule for the short-term loan under the working capital facility, and medium term loan, provided for full settlement at the end of the term of the facility while after the amendment, the repayment schedule provides for loan repayments every month.
5.The security provided by MESC under this Agreement includes a pledge of certain accounts and assets as well as an assignment of the insurance and other proceeds.
6.There are no related parties involved.