Saudi Basic Industries Corp on Wednesday said it intends to repay an 8 billion riyal ($2.13 billion) Islamic bond, or sukuk, ahead of maturity, from internal cash balances.
The petrochemicals giant sold the 20-year sukuk in 2007 in a deal which was arranged by HSBC's Saudi Arabian unit. The bond had a call option after five years, allowing SABIC to repay investors early, a Saudi-based banker told Reuters.
The company said in a statement to the Saudi stock exchange that it will purchase the assets in accordance with the terms and conditions of the sukuk, which will stop trading on June 16.
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