Jun 02 2008 |
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Saudi Kayan signs $6b financing arrangement
JEDDAH -- Saudi Kayan Petrochemical Company (Saudi Kayan) , an affiliate of the Saudi Basic Industries Corporation (Sabic) on Saturday entered into a $6 billion (Saudi Riyal 22.5 billion) financing arrangements for 15 years with a group of banks and financial institutions to finance part of the cost of its new complex in Jubail Industrial City. The complex will be the world's largest integrated petrochemical complex.According to information made available to Khaleej Times here yesterday, the financing package is diverse and includes local, regional, international, Islamic and export credit agency debt. Saudi Kayan was advised by Arab Banking Corporation , BNP Paribas and Samba . The initial Mandated Lead Arrangers are ABN Amro Bank N.V., Arab Banking Corporation , BNP Paribas , HSBC Bank plc and Samba Financial Group . The export credit agencies are ECGD, KEIC, K-EXIM and SACE. The Public Investment Fund of Saudi Arabia is also financing the project. Al Rajhi Banking and Investment Corporation is providing an Islamic working capital facility.
Mutlaq Hamad Al Morished, Saudi Kayan Chairman and Sabic vice-president, corporate finance stressed Sabic's keenness to diversify the sources of financing for its projects and to optimise the utilisation of available funding sources, especially Islamic financing.
Sabic holds a 35 per cent of the shareholding in Saudi Kayan with a private shareholder, Al Kayan Petrochemical Company, holding a further 20 per cent. The remaining 45 per cent is held by Saudi shareholders following an initial public offering last year.
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