State-owned Saudi Arabian Oil Co., or Aramco, is considering potential terms on a $4 billion loan refinancing after inviting banks to pitch for the business, people familiar with the situation said Thursday.
State-owned Saudi Arabian Oil Co., or Aramco, is considering potential
terms on a $4 billion loan refinancing after inviting banks to pitch for the
business, people familiar with the situation said Thursday.
The new loan is to refinance an existing $4 billion loan that is due to mature
December 2011, one of the people said.
Aramco has invited banks to submit potential term sheets and is in the throes
of mandating banks to arrange the deal, the people said.
The new loan includes one and five-year maturities and has a local currency
tranche, one of the people said.
Aramco declined to comment.
Saudi Aramco, which is 100%-owned by the
Kingdom
of
Saudi
Arabia
, is one of the largest oil and gas companies in
the world with activities in exploration and production, refining,
distribution, shipping and marketing, according to the organisation's website.
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