Saudi Kayan pays $644mln as final installment on senior loan

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Saudi Arabia

Saudi Kayan pays $644mln as final installment on senior loan

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Saudi Kayan Petrochemical Co. has repaid $644 million as the final installment of a senior loan, ahead of the scheduled date.

The senior loan was signed in 2008 with a group of banks and financial institutions for a total amount of $6 billion, with repayment spread over a term of 15 years, the petrochemicals company said in a statement on Tadawul.

The early repayment is expected to have a positive impact on the company as it lowers financial costs by approximately 54 million riyals ($14.4 million), it added

The loan was utilised to part finance building Saudi Kayan's integrated petrochemical complex in Jubail Industrial City.

(Reporting by Brinda Darasha; editing by Seban Scaria)

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