KARACHI - Saudi steelmaker Al-Tuwairqi Group, the parent company of the ongoing steel project in Pakistan namely Tuwairqi Steel Mills Limited has inked a 7.5 billion riyal business debt restructuring deal with 18 local and international banks in Saudi Arabia that would enable Al-Tuwairqis subsidiary, Al-Ittefaq Steel Products Company (ISPC) to continue its business operations. The group has signed deal with Arab National Bank and 17 other domestic and international banks including: Al-Rajhi, Samba, NCB, SABB, Banque Saudi Fransi, Riyad, Aljazira, Saudi Hollandi and Saudi Investment Bank. According to a press release posted on the groups website, the entire debt of the two obligors, namely Al-Tuwairqi Holding Company and Al-Ittefaq Steel Products Company (ISPC) has been restructured into new medium-term facilities that include commercial and Islamic ventures. Arab National Bank MD/CEO Dr Robert Eid described it as the largest restructuring deal in the region. Part of the new facilities will be repaid in equal quarterly installments over a period of six years, whereas the remaining amounts will be repaid as bullet at the end of the sixth year, the press release said. As part of the restructuring, certain assets of Tuwairqi Holding Company will be transferred to ISPC, including Arab Iron and Steel Company, an under-construction iron smelter with a design production capacity of circa two million tons of billets, and the Kingdom Iron and Steel Holding Company, an under-construction steel sheets factory, it added. Part of the new facilities will be repaid in equal quarterly instalments over a period of six years, whereas the remaining amounts will be repaid as bullet at the end of the sixth year. As part of the restructuring, certain assets of Tuwairqi Holding Company will be transferred to ISPC, including Arab Iron and Steel Company, an under-construction iron smelter with a design production capacity of circa two million tons of billets, and the Kingdom Iron and Steel Holding Company, an under-construction steel sheets factory. Dr Robert Eid, managing director and chief executive officer of Arab National Bank, described it as the largest restructuring deal in the region where nobody would lose a single riyal.