VOL XL

No. 03

20-January-1997

SAUDI ARABIA

$372Mn Goes Into Syndication For HADEED

A total of $1.26bn is in the process of beingarranged for the SABIC subsidiary HADEED by a group of banks and export credit agencies inorder to finance the construction of an 850,000 ton/year flat steel plant at its Jubailcomplex. The financing requirement is higher than the original estimate of $880mn (MEES,8 July 1996), althoughonly $372mn of the total will go into generalsyndication. The deal was organized by ANZ...