Bahrain’s Nogaholding prepares dollar-denominated benchmark sukuk

Chicago, May 17 – Bahrain’s Oil & Gas Holding Co. BSC, or Nogaholding, is planning a 10-year senior sukuk note offering, according to a notice and a bank document.

The issuer will be nogaholding Sukuk Ltd.

Citigroup Global Markets Ltd., HSBC Bank plc and J.P. Morgan Securities plc are arrangers and dealers under the company’s note program (//B+).

National Bank of Bahrain BSC is a dealer.

The company is also using Bank ABC and First Abu Dhabi Bank.

Legal advisers to the obligor are Latham & Watkins and Zu’bi & Partners.

Counsel for the arrangers and dealers include Allen & Overy LLP and Hassan & Radhi & Associates.

The issuer is currently conducting a tender offer for its 7 5/8% notes due 2024.

Tendering noteholders may be given priority allocation in the new offering.

Nogaholding is the state-owned strategic investment and development arm of the sovereign’s oil and gas authority.

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