DUBAI- The Arab Petroleum Investments Corporation (APICORP) on Wednesday raised $250 million in a reopening of existing bonds it issued in June that are due in 2025, a document showed.
APICORP sold $750 million in five-year bonds in June and has now "tapped" that issuance using the same documentation to sell another $250 million.
The debt sale comes amid a flurry of issuance from the Gulf as borrowers take advantage of low interest rates.
APICORP sold the bonds at 90 basis points over mid-swaps after it began marketing them at around 100 basis points over mid-swaps earlier on Wednesday, according to the document issued by one of the banks leading the deal.
China Construction Bank, Credit Agricole, Emirates NBD Capital, Goldman Sachs International and JPMorgan arranged the deal.
(Reporting by Yousef Saba; Editing by Alex Richardson) ((Yousef.Saba@thomsonreuters.com; +971562166204))