Sabic CFO Sees Perfect Timing for Second Debt Sale This Year - Bloomberg:
"Saudi Basic Industries Corp. (SABIC), the world’s second-biggest chemicals maker, is planning a second foreign-currency bond sale this year as it seeks to refinance debt amid lower interest rates.
The state-controlled company will sell euro-denominated securities before the end of this year although it hasn’t decided how much money it will raise, Chief Financial Officer Mutlaq al-Morished told reporters in Riyadh yesterday. “It’s excellent timing for anybody to refinance.”
Sabic, as the company is known, last month raised $1 billion from five-year notes in its first dollar-bond deal since 2010, according to data compiled by Bloomberg. The securities pay a coupon of 2.625 percent and were priced to yield 130 basis points over similar maturity U.S. Treasury securities. Orders exceeded the issue’s size by more than five times, two people familiar with the sale said at the time."
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