The sources confirmed a report by Loan Pricing Corporation, a fixed-income news provider owned by Refinitiv. One of the sources, who confirmed the report, echoed that, saying: “It’s Aramco. Sources told Reuters last year that Aramco would use the loan to back its acquisition of a 70 percent stake in Saudi Basic Industries Corp (SABIC) from Saudi Arabia’s Public Investment Fund, a deal worth almost $70 billion. That did not happen, even though Aramco raised $8 billion in a multi-tranche bond deal in November. HSBC said this month that Aramco’s prospects look more positive and promising for 2021, hinting at declining net debt and a possible dividend hike.

Source: Egypt Independent February 28, 2021 13:41 UTC