Saudi dairy company Almarai hires banks for debut dollar sukuk
The Gulf’s biggest dairy company Almarai has hired banks to arrange a sale of USD-denominated sukuks, sources familiar with the matter said on Wednesday. The sale would mark Almarai’s debut in the international debt markets, as the Saudi Arabian company has so far issued bonds in SAR. The issue is expected to be of benchmark size, which generally means in excess of USD500mn, the sources said. Almarai’s CFO told Reuters in May that the company planned to refinance SAR1.7bn (USD453mn) in sukuk by 3Q18 and that it had hired an international adviser to complete the process. At the end of September the company said it had redeemed SAR1.7bn perpetual senior sukuk, issued in 2013.
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