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GHC seeks to raise $190m in bond issue.

MANAMA: Gulf Holding Company (GHC) started trading $190 million sukuk bond issue of its subsidiary Villamar Sukuk Company on Dubai International Financial Exchange (DIFX) yesterday.

The floating rate trust certificates of the five-year international sukuk offering will be at a profit rate of 275 basis points over the three-month London Interbank Offered Rate (Libor).

It was arranged by Merrill Lynch International (MLI) and was jointly lead-managed by Al Rajhi Banking and Investment Corporation of Saudi Arabia.

MLI were also the mandated book-runners for this issue, which successfully closed on April 18.

"The successful floating of the sukuk and now its subsequent listing on the DIFX, as promised, is a clear vindication of this particular initiatives value proposition which includes a very competitive profit of 275 basis points over the three-month Libor," said GHC vice-chairman and chief executive officer Ahmed Al Ameer.

This five-year international sukuk offering is secured by a charge over GHC's mixed-use development, Villamar@Harbour, in the landmark Bahrain Financial Harbour.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Jun 11, 2008
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