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Saudi Polymer Company has signed a 3 billion Saudi riyals ($799.3 million) credit facility with Samba Financial Group and Riyad Bank.
Saudi Polymer Company is a subsidiary of National Petrochemical Company (Petrochem). The credit facility is for refinancing an existing project financing loan, Petrochem said in a statement to the Saudi bourse.
The four-year credit facility is to be repaid in 8 semi-annual scheduled installments starting on June 2020 and ending in December 2023.
The original loan amount was 13,458 million Saudi riyals secured from the Saudi industrial Development Fund, the Public Investment Fund, and 19 commercial banks, of which nine where local banks.
According to the statement, the first repayment started in 2013 and was planned to be fully repaid by 2023.
Petrochem owns a 65 percent share in Saudi Polymer Company, while Arabian Chevron Phillips Petrochemical Company Limited owns 35 percent.
(Writing by Gerard Aoun; editing by Seban Scaria)
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