Thursday 11, October 2018 by Kudakwashe

Saudi's Almarai hires banks for debut dollar Sukuk


The issue is expected to be of benchmark size and will mark Almarai's debut in the international debt markets.

Saudi Arabia-based Almarai dairy company has hired banks including HSBC and First Abu Dhabi Bank to arrange a sale of US dollar Sukuk.

The firm announced in May that it was planning to refinance SAR 1.7 billion ($453 million) in Sukuk by Q3 2018 and that it had hired an international adviser to complete the process.

 JP Morgan and Standard Chartered have also been appointed to arrange the Sukuk.

In September, the company said it had redeemed SAR 1.7 billion in perpetual senior Sukuk issued in 2013, reported Reuters.

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