Wednesday 26, September 2018 by Kudakwashe

SABIC prepares to meet investors to offer bond


The Kingdom’s petrochemicals producer will be meeting investors in London, New York, Los Angeles and Boston from 25 September 2018.

Saudi Basic Industries Corp (SABIC) is preparing to offer its dollar-denominated unsecured bond to the global market with investor meetings due to start this week.

The firm is keen to tap into the heightened international interest in Saudi’s financial markets following the lifting of some restrictions on foreign investors’ activities at the start of the year.

In a statement, SABIC stated that it has mandated BNP Paribas, HSBC and Citigroup as global coordinators alongside, MUFG and Standard Chartered Bank will be the joint lead managers.

The bond is anticipated to be used in part to refinance an existing SAR 11.3 billion ($3 billion) one-year bridge loan raised in January this year to fund the company’s 25 per cent stake in Switzerland’s Clariant.

The bonds will be listed on the Irish Stock Exchange (Euronext Dublin).

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