Byco Petroleum Pakistan Limited’s re-profiling of syndicated finance facilities
Karachi, May 09, 2013 (PPI-OT): Byco Petroleum Pakistan Limited (BYCO) has successfully concluded an agreement with the consortium of nine lending banks for re-profiling of syndicated finance facilities. Under the terms of the re-profiling, the total syndicated borrowing of Rs. 19.2 billion (principal and accrued mark-up) will now be repaid over a period of 9 (nine) years with a grace period of 2 (two) years (excepting one bank, where there is no grace period).
The mark-up rate shall be capped at KIBOR and will be applied on outstanding principal only. The re-profiling has been concluded in accordance with the mandate given by the State Bank of Pakistan and is effective 31st December 2012.
The above information is being disclosed in accordance with Clause xx of Listing Regulation 35.
For more information, contact:
Shahana Ahmed Ali
Company Secretary and Group Head Legal
Byco Petroleum Pakistan Limited
The Harbour Front, 9th Floor,
Dolmen City, HC – 3, Block – 4,
Marine Drive, Clifton, Karachi – 75600, Pakistan
UAN: (92 21) 111 222 081
Fax: (92 21) 111 888 081