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Oil giant Saudi Aramco asked banks to extend by a year a $10 billion loan it raised last May, Reuters reported, citing sources familiar with the matter.

 

The loan started at 50 basis points (bps) over London Inter-Bank Offered Rate (LIBOR), while Saudi Aramco could try to reduce pricing by 10 to 15 bps.

 

According to data compiled by Argaam, in May 2020, Saudi Aramco closed a $10 billion one-year loan provided by a group of 10 banks.

 

It stated that the loan will be used to back the acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC).

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