On November 24, 2008 SABIC Capital I B.V. announced its intention to enter into an Exchange Offer with simultaneous Exit Consent (the "Offer").
The Offer was launched as a par for par exchange of SABIC Europe's €750,000,000 4.500% Eurobonds due November 2013 for new SABIC Capital I B.V. €750,000,000 4.500% Eurobonds due November 2013. The new Eurobonds rank as senior unsecured obligations of the issuer and benefit from a SABIC guarantee.
On 16th December an Extraordinary Resolution was passed by Bondholders approving the Offer. Those Bondholders accepting the Offer simultaneously voted in favour for the insertion of an exit provision in the terms and conditions which settled with effect on December 19, 2008 with newly issued SABIC Capital I B.V. bonds of an equivalent amount.
Now that the Exchange Offer has been completed, the SABIC Europe corporate ratings have been cancelled with immediate effect.
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