Debt financing for the joint venture between Saudi Arabian Mining Company (Maaden) and Saudi Basic Industries Corporation (Sabic) to develop a $5.5bn fertiliser complex at Ras al-Zour has reached financial close.
The deal is split between a $2bn commercial bank tranche with margins of 80-115 basis points, a $1bn Public Investment Fund (PIF) loan, a $640m Islamic tranche from Al-Rajhi, two $300m export credit agency covered tranches and a $130m loan from the Saudi Industrial Development Fund (SIDF).
Earlier this month, the $10bn Saudi Kayan petrochemicals project financing closed at margins of London interbank offered rate (Libor) plus 65 basis points, rising to 75 basis points (MEED 1:6:08).
Standard Chartered and Riyad Bank acted as financial advisers on the deal.
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