OREANDA-NEWS. Saudi International Petrochemical Company (Sipchem) announced that International Methanol Company (65% owned by Sipchem) has completed on Sunday 19 Ramdan 1434 corresponding to July 28, 2013 the signing of new SR 325 million Islamic facility agreement to replace its SR 251.5 million existing Islamic loan and secure new debt up to SR 73.5 million for general corporate purpose. 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. The loan agreement will be effective August 29, 2013 and terminates after ten years.

The Financing is in Saudi Riyals with a competitive floating rate provided by Riyad Bank. 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.