Almarai Company completes $500 million International Sukuk issue

JEDDAH: Almarai Company has completed its $500 million International Sukuk issue to institutional investors.

Almarai Company issued 2,500 bonds/sukuk of $200,000 each. The bond offers 4.311 percent return for Sukuk maturity in five years.

First Abu Dhabi Bank, Gulf International Bank, HSBC Bank plc, J.P. Morgan, and Standard Chartered Bank are the lead manager to the issue. The bonds will be listed on the Irish Stock Exchange (Euronext Dublin).

Almarai is the Middle East’s leading food and beverage manufacturer and distributor, and the world’s largest vertically integrated dairy company. A benchmark US$ fixed rate RegS senior unsecured Sukuk offering with intermediate tenor, under Almarai’s newly established $2.0 billion Trust Certificate Issuance Program has completed. [the_ad id=”32940″]It may be mentioned here Almarai Company, rated Baa3 by Moody’s (stable) and BBB- by S&P (stable), had mandated HSBC and First Abu Dhabi Bank (FAB) as joint global coordinators alongside GIB Capital, J.P. Morgan and Standard Chartered Bank as joint lead managers to arrange a series of fixed income investor meetings in Asia, Europe and the Middle East.

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