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Advanced Petrochemical sells debut sukuk for $266m

Advanced Petrochemical sells $266m debut sukuk

RIYADH, November 18, 2014

Saudi Arabia's Advanced Petrochemical Company has completed the sale of a SR1 billion ($266.5 million) Islamic bond, the company said in a bourse filing on Tuesday, its debut sukuk issuance.

The five-year offering received investor orders worth SR2.43 billion ($647.6 million) and was sold to government entities, insurance companies, investment and money market funds, companies and financial institutions, the statement said.

A floating rate pricing structure was used for the sukuk, whose proceeds will be used for general business purposes, although the rate at which Advanced was borrowing was not disclosed.

Advanced said on October 22, it would meet fixed income investors in the kingdom ahead of the potential sukuk sale, with the deal arranged by HSBC Saudi Arabia and Riyad Capital, the investment banking arm of Riyad Bank. - Reuters




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