Sabic Capital to issue 5-year bond

25 Oct 2010

(MENAFN) Sabic Capital, an affiliate of petrochemicals giant Saudi Basic Industries Corp (Sabic), plans to issue a dollar-denominated, five-year benchmark bond, Reuters reported.

Sabic, the largest listed company in the Gulf, has hired HSBC, JPMorgan and Royal Bank of Scotland as bookrunners for the bond sale, its chief financial officer Mutlaq Al-Morished told said.

A typical benchmark bond is for a minimum of $500 million. The Sabic bond will be listed in London.

Sabic said in May it was planning the bond issue before the end of June. Moody’s ratings agency said then it would assign the bond an A+ rating and said the proceeds would be used to repay debt at Sabic Innovative Plastic Holding, formerly GE Plastics.

Sabic Capital was set up in 2008 to look after the financing and tax operations of Sabic’s investments in Europe and the United States.

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