By Marisa Wong
Morgantown, W.Va., Feb. 18 – Vallianz Holdings Ltd. announced its maiden Saudi riyal-denominated sukuk issuance totaling SAR 1 billion.
The sukuk were issued through Rawabi Vallianz Offshore Services Ltd. and jointly led by Alinma Investment Co., Saudi Fransi Capital, Saudi Hollandi Capital and GIB Capital LLC, according to a press release.
The sukuk have a fixed term of five years with amortized principal repayments during the term and a bullet repayment at maturity.
The company first announced the deal in December.
The sukuk will be secured by Rawabi Vallianz Offshore’s fleet of 20 vessels and guaranteed by Vallianz Holdings and Rawabi Co. Holding Ltd., as previously reported.
Proceeds will be used to refinance an equal amount of Rawabi Vallianz Offshore’s bank loans. Vallianz previously said the cost and tenor of the sukuk will be more favorable than the loans being refinanced.
Based in Singapore, Vallianz provides offshore support vessels and offshore marine solutions to the oil and gas industry. Based in Al Khobar, Saudi Arabia, Rawabi is the group’s operating subsidiary in the Middle East.
| Issuer: | Rawabi Vallianz Offshore Services Ltd.
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| Guarantors: | Vallianz Holdings Ltd. and Rawabi Co. Holding Ltd.
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| Issue: | Sukuk
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| Amount: | SAR 1 billion
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| Maturity: | Five years
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| Managers: | Alinma Investment Co., Saudi Fransi Capital, Saudi Hollandi Capital and GIB Capital LLC
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| Announcement date: | Feb. 18
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