Saudi's Sipchem completes 1 bln riyal 5-yr sukuk issue

Saudi International Petrochemical (Sipchem) has completed SAR 1 billion ($266.6 million) sukuk.

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh

A Saudi trader monitors stocks at the Saudi stock market in Riyadh

REUTERS/FAISAL NASSER
DUBAI, June 16 (Reuters) - Saudi International Petrochemical Co(Sipchem) has completed a 1 billion riyal ($266.6 million) sukuk, it said on Thursday.

The five-year issue was priced at 235 basis points over the six-month Saudi Arabia Interbank Offered Rate (SAIBOR), it said in the statement.

The proceeds will be used for general purposes, including the repayment of financial obligations, it said.

The issuance was managed by Riyad Capital and NCB Capital.

($1 = 3.7501 riyals)

(Reporting by Tom Arnold; editing by Jason Neely) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))

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