Saudi Basic Industries Corp on Wednesday said it intends to repay an 8 billion riyal ($2.13 billion) Islamic bond, or sukuk, ahead of maturity, from internal cash balances.
The petrochemicals giant sold the 20-year sukuk in 2007 in a deal which was arranged by HSBC’s Saudi Arabian unit. The bond had a call option after five years, allowing SABIC to repay investors early, a Saudi-based banker told Reuters………………………………………..Full Article: Source