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Bahri raises $1bn via sukuk bonds

Saudi Arabia’s top shipping line, Bahri, has raised SR3.9bn ($1.04bn) via the issuance of popular sukuk bonds, which were 1.95 times oversubscribed.

The seven-year senior unsecured sukuk were issued by way of a private placement offer with proceeds going to refinance Bahri’s existing sukuk which will mature this month.

“This strategic transaction represents a key milestone for Bahri and highlights the confidence investors have placed in the company,” said CEO Ahmed Alsubaey.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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