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SEPC Signs a Murabaha Refinancing Facility Agreement

Source: www.gulfoilandgas.com 12/30/2012, Location: Middle East

SAHARA Petrochemicals Company announces that its affiliate, Saudi Ethylene & Polyethylene Company (SEPC), of which 24.41% is owned by SAHARA, has completed the signing of a long-term Murabaha Refinancing Facility Agreement in Saudi Riyal compatible with Islamic Shariah at a competitive rate with eight local banks in addition to one regional bank for a total amount of SAR 4.8 billion.

The purpose of the agreement is to refinance outstanding balance from the multicurrency credit facility obtained in 2006 from a number of local and international banks to finance the ethylene & polyethylene plant and to extend the period of repayment from 2018 to 2021, which will be in equal semi-annual installments. Promissory Notes were provided to effect payments due as per the agreements.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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