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Air Products/Saudi JV borrowing to buy $11.5B in assets

Oct. 28, 2019 3:00 AM ETAPD, ARMCOBy: Jason Aycock, SA News Editor2 Comments
  • The joint venture between Air Products (NYSE:APD), ACWA Power and Aramco (ARMCO) is in advanced talks with lenders to help finance the purchase of $11.5B in assets, Reuters reports.
  • The gasification/power JV is looking to buy the assets from Aramco by year-end, according to the report. It will operate the facility under a 25-year contract for a fixed monthly fee.
  • Air Products has majority control of the JV, with 55%, while ACWA Power holds 25% and Aramco the other 20%.

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Comments (2)

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APD knows what it's doing. Ghasemi Is one smart CEO.
Chicken of the Cave profile picture
11.5B bond debt x 55% = 6.3B that APD needs to borrow.... a lot, but debt to equity of just 0.34 and debt/ebitda of just 1.0 and with interest rates at all time lows seems like now’s the time to make a big bet.... I just hope the Iranians don’t blow it up (literally)!!!
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