Saudi’s Basic Chemical Industries secures credit facilities with 2 banks

Saudi Arabia’s Basic Chemical Industries has secured new credit facilities with two Gulf banks, according to bourse filings on Tuesday.

In a statement to the Saudi Stock Exchange (Tadawul), the company said it has just signed a contract with Gulf International Bank for a SAR 125 million ($33.2 million) revolving facility, which has a duration of one year.

It also signed a separate deal to amend its financing agreement with Arab National Bank. The new deal raises the company’s credit facility limits from SAR 262 million to SAR 412 million.

Also under the amended contract, the financing duration has been changed from 10 years and 1 month to 12 years and four months.