Saudi Arabia’s oil giant Aramco announced Monday it will issue international bonds as it seeks a cash infusion to help pay for billions of dollars in dividends the company promised shareholders before the global coronavirus pandemic sent oil prices plummeting.
In a statement posted on the Saudi Tadawul stock exchange, the company said it plans to issue US.Dollar denominated bonds but did not specify the size of the issuance. The bonds, which range from three to 50 years, are targeted to institutional investors with a minimum subscription of USD 200,000. The amount issued and the returns are subject to market conditions, the company said.
