Sabic Capital to issue benchmark bond by end-June

18 May 2010

(MENAFN) Sabic Capital announced that it will issue a benchmark dollar bond before the end of the second quarter, Reuters reported.

Sabic Capital is affiliated to petrochemicals giant Saudi Basic Industries Corp (Sabic).

Ratings agency Moody’s assigned the bond an A+ rating and said that it would be used to refinance or repay debt at Sabic Innovative Plastics Holding, the renamed GE Plastics.

In August 2007, Sabic Innovative Plastics announced raising $1.5 billion from a bond issue. Sabic’s CEO, Mutlaq Al-Morished, said that the road-show will commence on May 20 in London and if the firm see good prices it will go ahead with it.

It is worth mentioning that the benchmark bond is designated for general corporate purposes.

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