SABIC Has No Plan For New Bonds In 2015 But May Refinance Loans

Saudi Basic Industries Corp (SABIC) has no plans to issue new bonds this year and is considering refinancing two loans that fall due in June and November, a company official told reporters on Sunday.

The chemicals, plastics and metals producer said earlier on Sunday its fourth-quarter net profit had slumped 29 per cent and sales had dropped 10 per cent mainly because of the falling oil price.

The June loan is worth $1 billion but the official did not give a value for the November loan.