Rawabi Vallianz announces plans for Saudi riyal-denominated sukuk

By Angela McDaniels

Tacoma, Wash., Dec. 14 – Rawabi Vallianz International Co. Ltd. plans to price a sukuk of up to 1.1 billion Saudi riyals, according to a news release from Vallianz Holdings Ltd.

The sukuk will be for a fixed term of five years with amortized principal repayment during the term and a bullet repayment at maturity.

The sukuk will be secured by Rawabi Vallianz Offshore Services Ltd.’s fleet of 20 vessels and guaranteed by Vallianz Holdings Ltd. and Rawabi Co. Holding Ltd.

Proceeds will be used to refinance an equal amount of Rawabi Vallianz Offshore Services’ bank loans. Vallianz said the cost and tenor of the sukuk will be more favorable than the loans being refinanced.

Rawabi Vallianz provides offshore oilfield services. It is a joint venture between Vallianz Holdings, a marine vessel and equipment company based in Singapore, and Rawabi, a Al Khobar, Saudi Arabia-based provider of oilfield, retail, and contracting and industrial services.

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