Saudi Paper Manufacturing Company has inked a debt rescheduling agreement worth SAR 277 million with Alinma Bank, the company said in a bourse statement.

 

The financing tenure will be from Feb. 19, 2018 to Nov. 19 2023, with a one-year grace period. 

 

The first installment will be due on Feb.19, 2019, Saudi Paper said.

 

The facility, which is guaranteed by a promissory note, will be used to restructure Saudi Paper’s current Shariah-compliant debt, in addition to financing capital expenditure as the company looks to expand production capacity. 

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