Saudi Arabian tanker giant Bahri has tapped domestic bond markets with the issuance of a Saudi Riyals denominated Sukuk bonds worth SAR3.9bn ($1.04bn).
The Riyadh-based tanker owner said the proceeds from the fundraiser would be used to refinance an existing SAR 3.9bn Sukuk maturing in July 2022.
The seven-year senior unsecured Sukuk bonds were issued by way of a private placement offer at a floating profit rate of 120 basis points above the six-month Saudi Arabian Interbank Offered Rate (SAIBOR).
