By Mary-Katherine Stinson
Lexington, Ky., May 19 – Bahrain’s Oil & Gas Holding Co. BSC, or Nogaholding, priced $750 million of 6 5/8% 10-year senior sukuk notes, according to a notice.
The issuer will be nogaholding Sukuk Ltd.
The notes priced at par, or Treasuries plus 306.1 basis points.
J.P. Morgan Securities plc, Bank ABC, HSBC Bank plc, Citigroup Global Markets Ltd., First Abu Dhabi Bank and National Bank of Bahrain BSC are the bookrunners.
As previously reported, 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.
| Issuer: | nogaholding Sukuk Ltd.
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| Amount: | $750 million
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| Issue: | Senior sukuk note
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| Maturity: | 2033
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| Bookrunners: | J.P. Morgan Securities plc, Bank ABC, HSBC Bank plc, Citigroup Global Markets Ltd., First Abu Dhabi Bank and National Bank of Bahrain BSC
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| Counsel to issuer: | Latham & Watkins and Zu’bi & Partners
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| Counsel to dealers: | Allen & Overy LLP and Hassan & Radhi & Associates
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| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | Treasuries plus 306.1 bps
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