Post by lairezippert on Jan 25, 2018 21:56:56 GMT 4
Ma’aden Phosphate Co (MPC), a subsidiary of Saudi Arabian Mining Co (Ma’aden), has hired banks to arrange a riyal-denominated sukuk issue, according to documents seen by Reuters, including the sukuk prospectus.
The company, which owns and operates one of the largest phosphate fertiliser plants in the world, plans to launch the deal in the first week of February, depending on investors’ interest.
According to a source close to the matter, the sukuk will be in the 4 billion riyal ($1.1 billion) region.
BNP Paribas Investment Co KSA, HSBC Saudi Arabia and NCB Capital are lead-managing the deal, with NCB coordinating it. The Islamic bonds, with a hybrid mudaraba and murabaha structure, will have a seven-year tenor.