Riyadh –  National Shipping Company of Saudi Arabia (Bahri) has closed the offering of SAR-denominated Sukuk at a total value of SAR 3.90 billion through a private placement.

The total number of Sukuk notes reached 3,900 at a par value of SAR 1 million each, according to a bourse disclosure on Wednesday.

The return on the Sukuk issue will be as the determined Saudi Arabian Interbank Offered Rate (SAIBOR) of + 1.20%.

Meanwhile, the offering holds a tenor of seven years and is scheduled to be redeemed on the maturity date; however, Bahri noted that Sukuk redemption could be done prior to the set date upon certain situations.

In addition, the commencement and settlement dates of the offering were 16 June and 5 July this year, respectively.

Last May, Bahri unveiled plans to use the proceeds of the Sukuk notes to bolster the existing Sukuk that will mature on 30 July 2022.

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