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SABIC Capital seeks $2 bln loan - bankers - ASHARQ AL-AWSAT English Archive
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LONDON, (Reuters) – SABIC Capital, affiliated to petrochemicals giant Saudi Arabia Basic Industries Corp (SABIC), has mandated five banks to arrange a $2 billion, five-year loan, banking sources said on Wednesday.

The five coordinators are Bank of Tokyo-Mitsubishi UFJ, Citi, SMBC, ING and Mizuho, one of the sources said.

The financing is expected to carry a sub-50 basis points (bps) over LIBOR margin and an all-in spread of less than 100 bps, sources previously told Thomson Reuters Loan Pricing Corp. Syndication is expected to close before the summer period.

SABIC was not immediately available for comment.

SABIC Capital was established in 2008 to look after the financing and tax operations of SABIC’s investments in Europe and the United States after the acquisition of DSM Petrochemicals and GE Plastics.

SABIC is 70 percent owned by the government of Saudi Arabia and makes chemicals, fertilise, plastics and metals used in paint, rubber, textiles, leather, cleaning products, glass, food and other consumer industries.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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