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Sahara International Petrochemical Company "Sipchem" Announces that its investees (through its subsidiary Sahara Petrochemicals Company) have signed Refinancing Agreements with Consortium of Banks.
| Element List | Explanation |
|---|---|
| Introduction | Sahara International Petrochemical Company "Sipchem" Announces that its investees (through its subsidiary Sahara Petrochemicals Company) which are Saudi Acrylic Acid Company, Saudi Acrylic Monomers Company and Saudi Acrylic Polymers Company (collectively referred to as the “Acrylic Complex”) have signed Refinancing Agreements with Consortium of Banks. |
| Date of singing the rescheduling of finance | 2025-02-19 Corresponding to 1446-08-20 |
| Financing entity | Alinma Bank, Al Rajhi Banking and Investment Corporation, Bank AlJazira, Banque Saudi Fransi, The Saudi National Bank, Saudi Awwal Bank and Riyad Bank (collectively referred to as the “Consortium of Banks”). |
| Reasons for rescheduling | To strengthen and support the financial position of the Acrylic Complex and reduce the financing costs. |
| The Financing amount and rescheduled part | • Total Finance amount outstanding: SAR 3,070 million. • The amount refinanced: SAR 1,309 million The remaining outstanding balance was settled against the available cash with Acrylic Complex |
| Financing Duration, before and after Rescheduling | • Before Refinancing: 6 years and 10 months until 31/12/2031. • After Refinancing: 15 years until 17/02/2040 |
| Guarantees offered for the rescheduled Financing | The Acrylic Complex will provide the following guarantees: -assignment of residual proceeds -share pledge -security over account -onshore assignment agreement -principal promissory note -variable rental and transaction payment promissory note. |
| Related Parties | Saudi Acrylic Acid Company, Saudi Acrylic Monomers Company and Saudi Acrylic Polymers Company which are investees with direct and indirect ownership of 43.16% |
| Additional Information | The expected financial impact resulted from the refinancing transaction will appear in the consolidated financial statements of Sahara International Petrochemical Company "Sipchem" in Q1 2025. The management of Sipchem express its appreciation and thanks the Consortium of Banks for their approval, trust and support of the Acrylic Complex through this refinancing. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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