RIYADH — The National Industrialization Co. (Tasnee) announced that one of its subsidiary companies has entered into syndicated murabaha, Bai Ajel and working capital agreements to refinance its liabilities last Sept. 29, the company said on Tadawul website.
The National Titanium Dioxide Company Limited (Cristal) has entered into syndicated murabaha, Bai Ajel and working capital agreements with its existing lenders for an aggregate amount of SR6,955 million.
The purpose of the facilities is to refinance the company’s existing liabilities that these facilities will provide Cristal with a viable capital structure and will provide a solid foundation for the company’s future growth and sustainability.
The syndicated murabaha and Bai Ajel agreements have a bullet repayment at the end of the third year with an option for Cristal to extend for an additional two years if certain conditions are met and carry rates that are competitive with rates currently prevalent in the Kingdom.
© The Saudi Gazette 2016