Satorp Taps Riyadh For Sr2bn To Reduce Bank Dues

The Arabian Aramco Total Services Company (AATSC) subsidiary of Saudi Aramco Total Refining and Petrochemical Company (Satorp) has secured four loans totaling SR2bn ($533mn) from the government’s Saudi Industrial Development Fund (SIDF), with the aim of reducing Satorp’s overall borrowing

costs.

AATSC announced to the Saudi Stock Exchange (Tadawul) that the loans would be drawn in a single disbursement around the middle of June, and would be used for partial early payment of Satorp’s existing commercial bank facilities.

The tenor of the loans will be around 7.5 years, the company says, with a final repayment date of 11 September 2022. Satorp’s obligations under the loans are secured by a mortgage of land, an assignment of insurances and an assignment of technology rights, as well as guarantees by Satorp shareholders Saudi Aramco and France’s Total. (CONTINUED - 402 WORDS)