Saudi industrial group Tasnee gets $532mln credit facility for sukuk

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LONDON: Saudi industrial group Tasnee has secured a SR2 billion ($532.4 million) credit facility from Banque Saudi Fransi to refinance an existing sukuk.

The Kingdom’s second-largest industrial group said it agreed the Murabaha faciity to refinance its sukuk, which matures in May.

The tenor of the new facility is seven years, Tasnee said in a filing to the Tadawul stock exchange on Wednesday.

“The agreement includes a number of conditions precedent for drawing down the facility,” Tasnee said in a statement.

Many regional corporate borrowers are seeking to refinance existing debt ahead of more expected interest rate rises in 2019.

Tasnee, like other regional petrochemical producers, is investing heavily in product expansions are global demand increases.

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