Swiber’s successful Singapore sukuk

Singapore: Offshore marine services provider Swiber has concluded an innovative cash raising exercise in Singapore with a debut Singapore dollar sukuk.

Nearly half of the S$150m ($118m) deal was snapped up by investors in Brunei.

Swiber's five-year deal priced last week to yield 6.5%, Reuters reported.

Swiber is only the second Singapore corporate to sell Islamic bonds in Singapore.

DBS and Maybank Kim Eng were joint leads in the deal.

Proceeds from the issue will be used to refinance debt and support capital expenditure, for working capital and general corporate purposes which are sharia-compliant.  [06/08/13]

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