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FinancialNews
13-02-22
Arabian Drilling Co. collects USD533M from local currency debt market
(MENAFN) Arabian Drilling Co., a drilling firm located in Saudi, has succeeded in collecting SAR2 billion (USD533 million) from the local currency debt market.
The trade drew huge demand from several stockholder assemblies. Final order booked hit over SAR5.5 billion (USD1.46b) which permitted the firm to raise the issuance volume from its original scheme of lower than SAR1.6 billion (USD 426.4) to SAR2 billion (USD533.07).
The demand also permitted the Sukuk pricing to stand at Sibor+1.60 percent which was the low-cost of price guidance for 5-years period.
HSBC Saudi Arabia performed as Lead Coordinator of the trade while HSBC Saudi and Fransi Capital were the mutual lead administrators for the issuance. Riyad Capital was selected as the Sukuk holders’ manager as well as payment manager.
MENAFN13022022000045013568ID1103686671
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