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Bond Market News
Aramco to Refinance $10bn Revolving Loans
April 23, 2021
Saudi Arabian Oil Company (Saudi Aramco) is likely to refinance its $10bn revolving debt raised in 2015. The 2015 debt of the largest oil company in the world includes both onshore and offshore 5Y loans in addition to two annually renewable 1Y loans also divided between the dollar and Saudi Riyal. The two 5Y loans were extended by two years last year with the new maturities in 2022. The company had recently extended a 1Y $10bn loan it raised in May last year, by one year and is arranging a $10.5bn loan for investors of its pipeline business. The company’s debt-to-equity ratio more than doubled to 55% in 2020 and its gearing ratio (Term of the Day, explained below) has increased to 23% in 2020 vs -0.2% in 2019.
According to Bloomberg, the company is also in preliminary discussions to lure external investors in its upstream assets which include its oil and gas assets. The company has already raised ~$12bn through the sale of leasing rights of its oil pipelines to EIG Global Energy Partners to help it pay the $75bn dividend, most of which goes to the government.
Aramco’s 1.25% 2023s were up 0.05 at 101.25 while its 3.25% 2050s were down 0.42 to trade at 93.85.
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