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Sipchem Signs a Refinancing Agreement for 1.035B SAR

Source: www.gulfoilandgas.com 2/11/2013, Location: Middle East

Saudi International Petrochemical Company (Sipchem) announced that its affiliates, International Acetyl Company (IAC), 76% owned by Sipchem, International Vinyl Acetate Company (IVC), 76% owned by Sipchem, and International Gases Company (IGC), 72% owned by Sipchem, have signed an agreement to refinance the commercial loans obtained by these companies in 2008. The agreement was signed with a number of local and international banks in US Dollar to refinance building the Acetic acid plant which belongs to IAC, the Vinyl Acetate plant which belongs to IVC and Carbon Monoxide plant which belongs to the IGC, that are considered the most important projects of the company.

As per the refinancing agreement IAC, IVC and IGC shall be eligible to convert the current commercial bank loans into long-term financing facilities in Saudi Riyal with Riyad Bank Corporate Banking which acted as the Lead Arranger of the refinance process for an amount of one billion and thirty five million Saudi Riyals (SAR 1,035,000,000) with a competitive variable interest rate in addition to a six-month grace period as the first installment payment shall be due in the 2nd half of 2013, in addition to extending the payment period of the loan for a period from two to four years.

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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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