FINANCIAL TIMES 🔒 | Saudi Aramco is seeking to sell billions of dollars in international bonds to bolster the oil company’s balance sheet and meet its $75bn dividend target as the coronavirus crisis hits its profits.
One year after it smashed records with demand for its debut bond, Saudi Arabia’s state energy company mandated banks to arrange investor calls from Monday, for potential bonds with maturities of between three and 50 years, according to bankers familiar with the deal.
Saudi Aramco, which floated its shares in 2019, earlier this month reported a 45 per cent drop in third-quarter net income to $11.8bn. The pandemic dramatically hit demand for oil and company earnings while its debt levels are surging. The upcoming bond issue is designed to fill a financial gap after that brutal year.
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