SABIC Signs an Agreement for the Issuance of Bonds
Source: www.gulfoilandgas.com 12/30/2009, Location: Middle East
Investment Services
Following the approval of the Saudi Capital Market Authority, the Saudi Basic Industries Corporation (SABIC) signed an agreement for private bond placement with the Public Investment Fund (PIF) on December 29.
The agreement calls for several issues to raise the total amount of SR10 billion. Proceeds from the bonds, which will carry maturities of seven years from the date of each issue and will finance part of SABIC’s projects within the framework of its strategic plans and programs to raise the level of financial performance, boost competitiveness, and contribute to the company's strategy to expand and grow.
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