Amiantit Reschedules Bank Facilities offered by SNB for SR330 mln

Saudi Arabian Amiantit Co. announced on Sunday that it signed an agreement to reschedule banking facilities agreement with The Saudi National Bank, which will have a positive impact on enhancing the company’s performance during the next period.

The company said in a statement that the rescheduling aims to improve and arrange the company’s cash-flow and to enhance the operations of the company which is appropriate with the new schedule period i.e. 10 years, and reduce the annual financial charges from SIBOR +3.25% to be SIBOR +1.5%.

“The financing amount totals SR 330,000,000, while the reschedule portion totals SR 330,000,000.” statement read.

The financing period before scheduling is as follows: the pervious facility was SR 313,000,000, the Tayseer Tijari sub-limit, L/C, L/G was SR 110,900,000 and the Tayseer Tijari for one time was SR 219,100,000.

Meanwhile, the financing period after scheduling is as follows: the Tayseer Tijari for one time will be SR 219,100,000 (non-revolving) for total tenor of 10 years inclusive of 2 years grace period repaid on semiannual installments and profit to be paid semiannually during grace period (last installment not to exceed December 31st 2031).

The Tayseer Tijari sub-limit, L/C, L/G will be SR 110,900,000 to be availed against any repaid installment from the main limit not exceeding 30% from Gross Limit to finance working capital requirements through direct purchases of raw material and CAPEX, for aggregate period not exceeding 12 months.

“The guarantees offered for the rescheduled Financing are deemed corporate guarantee.” it concluded.