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Bahri eyes Sukuk to help refinance debt.

National Shipping Co of Saudi Arabia (Bahri) is reportedly considering issuing Sukuk to help refinance debt taken on for its $1.3 billion acquisition of Saudi Aramco's marine unit last year

HSBC's Saudi Arabian unit, JP Morgan Chase, and Samba Financial Group, which provided the loan to buy Vela's fleet, are also frontrunners to manage the Sukuk sale, reported Reuters, citing three sources.

The banks which have provided the bridging loan expect to be involved in the refinancing, Reuters quotes one Saudi banker as saying. The investment banking arm of state lender National Commercial Bank could also be involved as an arranger, one of the sources is quoted as saying.

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Publication:CPI Financial
Date:Mar 18, 2013
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