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 U.S.-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 $200,000. The amount issued and the returns are subject to market conditions, the company said.
