Dubai: Saudi Arabian tanker giant Bahri is selling ten-year sukuk worth RYLS3.9bn ($1.04bn) this month to repay debts. Bahri, which completed the takeover of fellow Saudi tanker operator, Vela, last year took out a RYLS3.18bbn bridging loan to pay for the acquisition.
HSBC Saudi Arabia, JP Morgan and Samba Capital, the investment banking arm of Samba Financial Group, have been selected to arrange the deal, Bahri’s first ever sukuk.
A spokesperson told Reuters Bahri was looking at expanding its fleet with cheap dry bulker prices being of special interest.
