Saudi Basic Industries Corp., the world’s largest petrochemical maker known as Sabic, plans to raise 10 billion riyals ($2.7 billion) in a private placement of bonds to the government-run Public Investment Fund.
The seven-year notes will help finance the company’s expansion plans, the Riyadh-based petrochemical maker said in a statement on the Saudi bourse Web site today. Sabic signed an agreement with the Public Investment Fund for the bond issue, according to the statement.
Sabic wants to triple its petrochemical production to 130 million tons by 2020 by building plants and acquiring facilities as the company prepares for higher demand for its products. Sabic’s bond issue will be the biggest since June when Saudi Electricity Co., the state-controlled power producer, raised 7 billion riyals by selling five-year Islamic bonds.
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