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.