Najran Cement Company signed a SAR 355 million Shariah-compliant credit facility agreement with Bank Aljazira.
The company said in a bourse statement on Sunday that the facility will be paid within 5 years in semi-annual installments, with SAR 51 million paid annually in the first 4 years and the remaining amount in the fifth year.
The credit facility will be used to redeem the company’s sukuk, worth SAR 355 million, due on June 11, 2020.
The loan is guaranteed by a promissory note, in addition to a partial assignment of insurance policy as the first beneficiary, to cover 100% of the credit facility.
The deal has no related parties, the statement noted.
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