SADARA signed SAR 39.4bn bank facilities agreement with a number of local and foreign banks and the public investment fund.
The agreement has a term of 12 years ending 30/6/2025 and aims at obtaining additional funding to the chemical project in Jubail industrial city.
SADARA mentioned in a statement on tadawul today that the agreement is covered by a waiver of some contractual rights related to the project in addition to SADARA’s guarantee provided at the Sukuk issuance.
SADARA has launched Sukuk valued at SAR 5.25m, which was then increased to SAR 7.5m in response to the great demand.
The company expects the total credit required to finance the project to be SAR 46.88bn.
Financial closure and withdrawals of the core funding is expected by Q3 of 2013.
Sadara chemicals is SAR 75bn investments joint venture between ARAMCO and Dow chemicals company aiming at establishing and operating a chemicals complex in Jubail industrial city2.