Bahri Signs SAR 3.2 billion Bridge Loan for Vela Merger

The National Shipping Company of Saudi Arabia (Bahri) announces that it signed today Tuesday 9/4/1434H corresponding to 19th February 2013G a Shariah compliant financing term sheet with JPMorgan Chase Bank, N.A. (Riyadh Branch), Samba Financial Group and The Saudi British Bank (SABB) for SAR 3,182,812,500 to finance the cash consideration of Vela merger and the costs associated with the merger.

The bridge financing is for a period of 12 months in which Bahri will arrange for a long term financing and would announce any update accordingly.

Bahri will mortgage the transferred vessels from Vela in favor of the financing banks.