Saudi Bahri Issues Sukuk

National Shipping Co. of Saudi Arabia, better known as Bahri, has started the issuance of SR3.9 billion (US$1.04 billion) Sukuk, denominated in Saudi Riyals.

The offering started on June 16, and will end on July 21, the Saudi-listed firm said in a bourse filing.

Al Rajhi Capital Co., HSBC Saudi Arabia, and SNB Capital Co. have been selected to act as lead managers and book runners.

The company will use proceeds to refinance the existing Sukuk which will mature later this year in July.

Bahri is a joint venture between Saudi Aramco and the Public Investment Fund, operating a fleet of 89 tankers and container ships that transport oil, petrochemicals, and other types of cargo.