THE INTERNATIONAL METHANOL CO. SIGNES AN SAR 325M ISLAMIC REFINANCING AGREEMENT WITH RIYAD BANK

Saudi International Petrochemical Co (Sipchem) announces that International Methanol Company, one its affiliates, signed Islamic Facility agreement with Riyad Bank as following:
1.loan was signed on 28-07-2013
2.Loan amount of SAR 325,000,000
3.Loan period duration from 29-08-2013 to 29-08-2023.
4.The purpose of the loan Refinancing of existing Islamic Facility
5.Loan guarantee : Order Notes.
The new Islamic Sharia compliant agreement also provides IMC the rights to increased debt for up to an additional SR 200 million to support new projects or for general corporate purpose. International Methanol Company provided the financier with signed order notes as support.
Sipchem and the other IMC Partners did not provide any loan facility guarantees