Saudi International Petrochemical Company (Sipchem) [2310.SE] has issued SAR1 bn of sukuk on 16 June 2016 with a tenor of five years. The sukuk will be priced at 235 basis points over the six-month Saudi Arabia Interbank Offered Rate (SAIBOR), a 60bps increase in pricing from the company's previous sukuk issuance. Ahmed Al-Ohali , CEO of Sipchem, noted that the proceeds would be used for general corporate purposes and repayment of financial obligations. (Tadawul, Zawya) SIPCHEM: SAR13.82 as of 16 June 2016, Rating: Neutral, FV: SAR14.00 per share, MCap: USD1,351 million, SIPCHEM AB / 2310.SE
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