Middle East Economic Survey

VOL. L

No 34

20-August-2007

SAUDI ARABIA

Subprime Problems, Tax Ambiguity Delay SABIC GE Plastics Buyout Syndication

The syndication for the financing of SABICs $11.6bn GE Plastics buyout appears to be facing delays in closing, partly as a result of fallout from the US subprime credit crisis and uncertainties over tax exposures for potential investors, MEES understands. Originally, the $8bn debt for the transaction, already underwritten by bookrunners Citibank, ABN Amro,...