Advanced Petrochemical Co. signed on Oct. 20 a Murabaha facility worth SAR 250 million with Samba Financial Group, the firm said in a bourse statement.
The facility tenor will extend for five years ending on Dec. 31, 2024.
The Islamic loan, which was guaranteed by a promissory note, will be partially utilized to repay the company’s sukuk maturing on Nov. 17, 2019 and to meet the working capital’s requirements.
The new financing will be paid on the final maturity date, the statement said.
The deal has no related parties, it added.
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