Tasnee gets Cristal refinancing

Saudi Arabia’s National Industrialisation Company (NIC-Tasnee) has agreed terms for the refinancing of about $1.6 billion of loans to its Cristal titanium dioxide unit in Yanbu, Bloomberg reported today.

They include a maturity of three-five years and interest at 2.75 per cent above Saudi interbank offered rate.

HSBC has been acting as advisor for the refinancing.

Tasnee made a net profit of SR 103.9 million ($27.7 million) in the three months to 30 June. This compares with a loss of SR 107.7 million ($28.7 million) in the same period of 2015.

Tasnee’s earnings have been hit by falling product prices.

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