Bahri completes SAR 3.9 bln sukuk issue

30/07/2015 Argaam

The National Shipping Co. of Saudi Arabia (Bahri) said on Thursday that it has successfully completed its riyal-denominated Sukuk issue at a total value of SAR 3.9 billion, with an expected return at 80 bps on SIBOR.

 

The sukuk is set to mature in July 2022, the company said in a bourse statement.

 

Sukuk proceeds will go for repaying a Murabaha bridge financing facility, which was signed on June 22, 2014.

 

The offering reflects “the company's strong financial and credit position,” said Ibrahim Al Omar, Bahri’s chief executive officer.

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