Bahri Fully Redeems SAR 3.9 Billion Sukuk Due on July 30

Bahri, previously known as the National Shipping Company of Saudi Arabia (NSCSA), announced the full redemption of its sukuk worth SAR 3.9 billion, due on July 30, 2022, according to a bourse filing.

Why it Matters?

The payment process was funded through sukuk refinancing with the same amount and whose completion was announced on July 6.

Details

This sukuk transcation will likely reflect on Bahri’s financials for Q3 2022 The sukuk is SAR-denominated and the transcation was made via private placement offer The returns will be six months Saudi Arabian Interbank Offered Rate (SAIBOR) + 1.20% as mentioned in the sukuk’s offering circular The maturity of the sukuk will be 7 years after the issue date...