FINANCIAL NEWS

Saudi Sipchem affiliates secure USD280m refinancing deals

13 Feb 2013

(MENAFN) Saudi International Petrochemical Company (Sipchem) said that three subsidiaries have signed a total of USD276 million refinancing deals, Reuters reported.

Sipchem said in a statement that the International Acetyl Company, International Vinyl Acetate Company and International Gas Company have converted dollar-denominated loans raised in 2008 into new long-term facilities denominated in riyals.

The deals were meant to fund building manufacturing plants at their key projects, the statement said.

The first installment is due to be repaid in the second half of 2013, with the loan to be paid off in four years, the statement added.

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