UAE's BPGIC says issues $200mln inaugural bonds

The debut bond issuance has a five-year maturity and will be used, among other things, to repay existing bank debt as the company expands it oil storage business

  
United Arab Emirates Dirham.Image used for illustrative purpose.

United Arab Emirates Dirham.Image used for illustrative purpose.

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DUBAI - Brooge Petroleum and Gas Investment Company, a subsidiary of Brooge Energy, issued $200 million in senior secured bonds with a borrowing limit of $250 million in the Nordic bond market, the firm said in a statement on Friday.

The debut bond issuance has a five-year maturity and will be used, among other things, to repay existing bank debt as the company expands it oil storage business, the company said.

U.S.-listed BPGIC, established in 2013, is one of the largest holders of storage assets in Fujairah in the United Arab Emirates.

(Reporting by Rania El Gamal; Editing by Catherine Evans) ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: @RaniaElGamal10))


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