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Hollandi bank to issue $187m bond
RIYADH - Saudi Hollandi Bank said yesterday it will issue 700 million riyals ($186.7 million) of bonds to fund its loans to infrastructure projects in the world’s biggest oil exporter.
It said the issue of subordinated Tier 2 debt, the first of its kind in Saudi Arabia, was likely to be a fixed rate seven-year note.
“We now have the additional funding to proceed with rolling out our new growth strategy,” chairman Suleiman Al Suhaimi said in a statement.
Bankers say Saudi Hollandi needs to raise capital to meet growing demand in the kingdom for credit in consumer and corporate lending as well as large infrastructure projects.
Saudi Arabia’s economy is booming on the back of strong oil prices and high crude export levels. It also has plans for major power, water, gas and petrochemical projects.
The planned issue will be an exempt offer, which means under Saudi capital markets regulations a maximum of 60 investors can buy the notes, with a minimum stake of 1 million riyals each.
Investors are expected to be Saudi-based institutions or individuals and the notes will be tradeable.
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