Friday, October 19, 2007

GE finances SABIC's $9.2 billion acquisition of GE Plastics

by Jeff Wilson and Ned Reynolds from GE Commercial Finance Corporate Lending

GE Commercial Finance Corporate Lending today announced it served as co-administrative agent in a $9.2 billion financing for SABIC Innovative Plastics Holding B.V. The facility included $7.7 billion of senior secured debt and $1.5 billion in senior notes. The financing was used to support the acquisition of GE’s Plastics business by Saudi Basic Industries Corporation (SABIC) ... “The petrochemical and plastics industries have experienced a solid upturn during the last three years, and companies like SABIC are strategically investing to create a global growth platform and serve global demand,” said Deepak Ghosh, chemicals and plastics industry leader for GE Corporate Lending. “With more than $4 billion invested in the sector, we’re focused on this market and the trends impacting it.”

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