Saudi Aramco to get USD10b loan
(MENAFN) Saudi Aramco is studying a USD10 billion loan with banks to "fund acquisitions and other investments", media showed, Arabian Business reported.
Once finalized, the credit will replace Aramco's existing USD4 billion loan, due to mature end of this year, with an amount more than twice its making it the largest financing agreement in the GCC since 2011, according to data from local media.
The company is negotiating to receive the loan in four parts with USD6 billion due to be delivered two periods of five years and another two tranches of USD1 billion over two periods of one year each, according a report by local media.
A potential use for the loan will be to fund an acquisition of a stake in Germany's chemical company Lanxess, which has a market value of USD4.7 billion. For the deal, Aramco is competing with Russia's NKNK.
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