SABIC eyes refinancing debt for $11bn buyout

SABIC CHAIR: Prince Saud bin Abdullah bin Thunayan Al-Saud (pictured) heads the SABIC board of directors. (Getty Images)

Saudi Basic Industries Corp (SABIC) wants to refinance part of debt used for its $11 billion purchase of plastics manufacturer GE Plastics, MEED reported late on Friday.

The debt on the deal is held by SABIC Innovative Plastics (SABIC IP), a wholly-owned subsidiary of SABIC, and totals about $8.6 billion, the magazine said quoting unnamed Saudi bankers.

Chief Financial Officer Mutlaq Al-Morished declined to comment on the report when he was contacted by newswire Reuters. SABIC, the world's largest chemical firm by market value, in April approved to sell as much as $1.33 billion of Islamic bonds, saying liquidity conditions in the market were appropriate for such a sale.

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