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SABIC in talks with banks for potential bond issue

SABIC in talks with banks for potential bond issue
HSBC has been authorised to arrange the coming bond issue
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Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) is in conversations with a number of banks for a potential dollar-denominated bond sale, banking sources have said.

HSBC has been authorised to arrange the coming bond issue, Reuters reported, citing the sources as saying.

The issue is forecast to replace the loan that Saudi Arabia's biggest petrochemicals producer had previously obtained, the sources added, giving no further details on the offering's value. 

The banks which arranged the credit facility are expected to arrange the bond issue.

SABIC last reported a 5.35% year-on-year growth in profits to SAR 5.51 billion during the first quarter of 2018, compared to SAR 5.23 billion in Q1-17.

Earlier in 2018, SABIC’s CEO Yousef Al Benyan stated that his firm was searching for available investments in Africa, establishing new plants, and carrying out acquisitions in China, Europe, and the US.

By 10:07 am KSA time, SABIC's stock rose 0.15% to SAR 129.60.