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Islamic Finance Briefing - Categorized | Bonds (Sukuk), New Launches more

Saudi’s Sadara raises $2bln from sukuk sale

Posted on 03 April 2013

Sadara Chemical Co, a joint venture between Saudi Aramco and Dow Chemical, raised SR7.5bn ($2bn) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the kingdom. The Islamic bond, or sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said on Tuesday.
The sale is part of a $12.5bn debt to fund the construction of the project, which will produce more than 3 million tonnes of petrochemicals each year when completed in 2016………………………………………..Full Article: Source

 
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