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Bahraini Mumtalakat fund launches $1bln bond, sukuk programs

Bahraini Mumtalakat fund launches $1bln bond, sukuk programs
Bahraini sovereign fund Mumtalakat announced that it will undertakes separate bond and sukuk issuance programs in the Irish stock exchange to raise as much as $1 billion, to help refinance maturing debt in 2015.

The multi-currency programs have been assigned a BBB rating by Fitch ratings, which said proceeds would be used predominantly to refinance upcoming maturities, reported Reuters.

Mumtalakat appointed HSBC, BNP Paribas, Deutsche Bank, Mitsubishi UFJ Financial Group and Standard Chartered to manage the deal.

Earlier this week, Bahrain-based alternative investment fund Investcorp said it and sovereign fund Mumtalakat had acquired United States-based software and services firm PRO Unlimited.

PRO is a Florida-based workforce management solution provider, operating in 52 countries with the aim of helping companies with contingent workers such as independent contractors, consultants and freelancers, the statement said.

Investcorp did not reveal the deal value in the statement, which quoted Andrew Schultz, co-founder and chief executive of PRO Unlimited, as saying the investment would allow it to expand its business.