SABIC said to hire banks for global bond issue

25/07/2018 Argaam

 

Saudi Basic Industries (SABIC) has hired banks for an international bond offering, Reuters reported, citing sources.

 

The timing and nature of the trade remain to be seen, since the announcement of plans by state-owned Saudi Aramco to a buy a controlling stake in SABIC.

 

SABIC, rated A1/A-/A+, has a $1 billion bond maturing this October, which was sold in 2013 through SABIC Capital. It also raised a $1 billion term loan in 2013, which is due this month.

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