July 25, 2018 / 8:44 AM / 4 months ago

Saudi Arabia's Sabic mandates banks for international bond issue - sources

LONDON, July 25 (IFR) - Saudi Arabian conglomerate Sabic has hired banks for an international bond offering, according to sources.

The timing and nature of the trade remain to be seen, given news that state-owned oil company Saudi Aramco is seeking to a buy a controlling stake in Sabic.

Aramco could possibly take the entire 70% holding owned by Saudi Arabia’s sovereign wealth fund, Public Investment Fund, sources told Reuters last week.

Sabic, rated A1/A-/A+, has a US$1bn bond maturing this October, which was sold in 2013 through Sabic Capital. The same unit raised a US$1bn term loan in 2013, which is due this month. (Editing by Julian Baker)

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