Raydan Food Co. inked a Murabaha financing facility rescheduling agreement with Saudi ORIX Co. to restructure a sum of SAR 24.29 million, in line with its cashflows, the company said in a bourse filing.
The principal loan facility amounted to SAR 35.09 million, disbursed in two tranches - SAR 18.9 million and SAR 16.17 million.
Therefore, Raydan would pay a sum of SAR 27.5 million after the restructuring agreement, including interest and other administrative fees in five-year quarterly installments.
Before the restructuring agreement, the first tranche of the facility would end on April 15, 2023, while the second tranche would end on Feb. 10, 2024.
After the debt-rescheduling agreement, the first tranche would end on Oct. 5, 2024 and the second tranche would end on Oct. 15, 2024.
The facility was covered by a promissory note, and the agreement has no related parties, the statement added.
In May 2018, the company signed a final agreement with Saudi ORIX Co. to obtain an Islamic capital lease covered by a promissory note and a real estate mortgage valued at SAR 18.92 million including interest, according to data compiled by Argaam.
In May 2019, the company received SAR 16.175 million from Saudi ORIX Co. representing the second and final part of the capital lease agreed upon with ORIX.
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