Bahri signs SAR700 million loan to buy three VLCCs
The National Shipping Company of Saudi Arabia (Bahri) [4030.se] announced that it has signed a SAR700 million Islamic credit facility with Alinma Bank to finance 80% of the purchase price of three very large crude carriers (VLCCs), which the company had previously announced that it would buy on 24 December 2015. The loan will be repaid in semi-annual instalments over ten years, with the first installment scheduled six months after the signing date and the final payment consisting of 30% of the loan amount. (Company disclosure)
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