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Bahri may issue Islamic bond
- Saudi Arabia: Monday, March 18 - 2013 at 07:52
Saudi Arabia's National Shipping Co (Bahri) is considering a debut Islamic bond issue to help refinance debt taken on for its acquisition of Saudi Aramco's marine unit last year, Reuters has reported, citing three sources. The purchase of Vela's fleet, which cost SR4.88bn ($1.3bn), made Bahri the world's fourth-largest owner of very large crude carriers, or VLCCs, with part of the agreement making Bahri the sole provider of VLCC crude oil shipping services to Aramco. The deal was financed through a SR3.2bn one-year bridge loan and the transfer of 78.75 million new Bahri shares to Aramco valued at SR22.25 each, giving the oil firm a 20% holding in Bahri post-completion.
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