Riyadh-Mubasher: The National Shipping Co. of Saudi Arabia (Bahri) has successfully completed the issuance of Saudi riyal-denominated sukuk at a total nominal value of SAR 3.9 billion, the company said in a bourse statement.

The sukuk has an expected return at 80 bps above the SIBOR rate, and will mature in July 2022.

The sukuk proceeds will go for repaying a Murabaha bridge financing facility, which was signed on 22 June 2014, said CEO Ibrahim Al-Omar, adding that the remaining proceeds will be used for general corporate purposes.

He noted that the offering reflects the company's strong financial and credit position.