CORRECTED(OFFICIAL)-Saudi Sipchem says signs $280 million refinancing deals

(Clarifies loan lengths)

KHOBAR Feb 12 (Reuters) - Three affiliates of Saudi International Petrochemical Company (Sipchem) have refinanced loan facilities worth 1.04 billion riyals ($276 million) which were used to fund their key projects, Sipchem said on Tuesday.

International Acetyl Company, International Vinyl Acetate Company and International Gas Company have converted dollar-denominated loans raised in 2008 to build respective manufacturing plants into new long-term facilities denominated in riyals, the statement to the Saudi bourse said.

Riyad Bank was the lead arranger of the deal, which carried a "competitive variable interest rate" as well as a six-month grace period.

The first instalment is due to be repaid in the second half of 2013, with the loan for IGC running until 2022 and the IAC/IVAC facility to be paid off by 2024, the statement added. ($1 = 3.7502 Saudi riyals) (Reporting by Reem Shamseddine; Editing by David French)