Saudi Arabian Amiantit Co. headquarters
Saudi Arabian Amiantit Co. signed on Oct. 3, an agreement to reschedule banking facilities with Saudi National Bank (SNB), it said in a bourse statement.
The agreement will have a positive impact on enhancing Amiantit’s performance during the next period.
The entire financing worth SAR 330 million was rescheduled, the statement added.
The financing period after the rescheduling includes a one-time trade facilitation worth SAR 219.1 million (non-revolving) for a period of 10 years, including a grace period of two years. This is to be repaid in semi-annual installments and interest to be paid semi-annually during the grace period (the last installment will be paid no later than Dec. 31, 2031).
The financing period also includes trade facilitation with a sub-limit, letters of credit and guarantee worth SAR 110.9 million, to be availed against any repaid installment from the main limit, at 30% maximum of the gross limit. This will be used to finance working capital needs through the direct purchase of raw materials and capital expenditures for a period not exceeding 12 months.
The pre-scheduling financing period includes a previous facility of SAR 313 million, trade facilitation with a sub-limit, letters of credit and guarantee worth SAR 110.9 million, and a one-time trade facilitation of SAR 219.10 million.
The rescheduling will improve the company's cash flows, enhance the operations, in line with the 10-year period, and reduce the annual financial charges from SAIBOR of +3.25% to SAIBOR of +1.5%.
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