One of the petrochemical projects, debt refinancing project, advised by Allen & Overy in Saudi has closed, according to its report. The Jubail Acetyls Complex refinancing project is worth US$1.8 billion, and three more projects in the country are nearing completion as well. Saudi International Petrochemical Company (Sipchem) owns a majority of the companies, and Saudi British Bank is the sole underwriter.
The report stated that this is testament of the strength of the Saudi finance market. It also said that the time it took for the deal to close and the ability of a bank to single-handedly underwrite the debt is proof of the confidence level among lenders and sponsors in the region.