DUBAI Oct 2 Saudi Arabian chemicals and metals
conglomerate National Industrialisation Co (Tasnee)
said on Sunday that a subsidiary had obtained 6.96 billion
riyals ($1.86 billion) of financing from banks.
The deal, which includes some Islamic finance elements in
the form of syndicated murabaha and bai ajel agreements,
refinances existing debt to strengthen the capital structure and
support the growth of National Titanium Dioxide Co (Cristal),
The deal has a bullet repayment provision at the end of the
third year with an option for Cristal to extend for an
additional two years if conditions are met, Tasnee said without
giving pricing details.
(Reporting by Andrew Torchia. Editing by Jane Merriman)