Saudi Aramco's board is set to meet this week in Saudi Arabia where it will...
DUBAI/LONDON - Saudi Aramco’s board is set to meet this week in Saudi Arabia where it will approve a bond issuance plan that will likely help finance a potential acquisition of a strategic stake in Saudi petrochemicals maker SABIC, industry sources said.
The company’s representatives are expected to meet fixed-income investors in a bond “roadshow” in April, two sources familiar with the matter said. “The board will approve the bonds. SABIC is progressing but any project of this size takes a long time,” said one of the sources.Senior Aramco officials have traveled to the United States and Britain in recent weeks to gauge investor appetite for the planned bond, the sources said.
The sources said the acquisition payment is likely to be staggered, allowing Aramco to tap debt investors in various phases - a move which would avoid straining banks that are not ready to commit large sums through a single loan facility.
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