10 November 2007
JEDDAH - Kuwait-based Gulf Bank has acted as lead arranger for the $5.4 billion syndicated loan to SABIC Innovative Plastics Holdings, a wholly-owned subsidiary of Saudi Arabia Basic Industries Corporation (SABIC).

SABIC Innovative Plastics Holdings used the loan to back the $11.6 billion purchase of the plastics unit of General Electric Co.

Arranged by Citigroup as the book runner, Gulf Bank joined fellow banks ABN AMRO, J.P. Morgan, HSBC and GE Capital as the mandated lead arrangers for the loan.

Gulf Bank's loan participation was valued at $150 million.

SABIC Innovative Plastics Holding is one of the world's leading plastics producers, having 43 manufacturing facilities located across 20 countries.

The company is the world's leading producer of engineering thermoplastics with the largest global capacity and a global leading position in many segments of the plastics market.

© The Saudi Gazette 2007