Sabic looks at plastics unit loan restructure

21 October 2010

Sabic may restructure a loan taken by its Sabic Innovative Plastics unit as global borrowing conditions improve

Mohamed al-Mady, CEO of Saudi Basic Industries Corp (Sabic) has said the company may restructure a loan taken by its Sabic Innovative Plastics unit as global borrowing conditions improve, Bloomberg has reported. “We will start the process, and if we find we are getting a good deal, we will conclude. Otherwise, we are not in a hurry to finalize,” he said. Sabic bought its plastics unit from General Electric Co for $11.6bn in 2007 to gain products and operations in the US, Asia and Europe. It helped purchase the unit, a record acquisition in the Gulf region, with a $6.6bn term loan and by selling $1.5bn of bonds.

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