Tasnee extends $1bn loan deadline

04 July 2013

Company will not met original target of completing loan by mid-July

Saudi Arabia’s National Industrialisation Company (Tasnee) has put back the deadline for responses from banks to fund its planned SR4bn ($1.1bn) corporate loan until late July.

It is the second time the company has given banks more time to respond to the funding request, and means it will now not hit it original timeline of completing the deal by mid-July. Tasnee launched the deal on 27 May and had originally asked banks to respond with financing offers by 17 June, although this was subsequently put back to 1 July.

The loan will an eight-year deal used to finance investments in its subsidiaries.

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