Air Products/Saudi JV borrowing to buy $11.5B in assets
- 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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Doggywag
29 Oct. 2019
APD knows what it's doing. Ghasemi Is one smart CEO.
Chicken of the Cave
28 Oct. 2019
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)!!!