Saudi International Petrochemical Co. (Sipchem) raised SR1.8 billion ($480 million) from the sale of Islamic bonds.
The five-year, floating-rate sukuk was priced 175 basis points over the Saudi Interbank Offered Rate, and the offer received orders of about SR4.5 billion, the company said in a statement to the Saudi bourse Monday. Sipchems initial plan was to raise SR1.5 billion from the sale.
The bonds are the second local-currency debt to be sold by a borrower in Saudi Arabia this year, bringing total sales in the six-nation Gulf Cooperation Council to $2.3 billion in 2011 so far, compared with $2.5 billion in the year-earlier period from Jan. 1 to July 4, according to data compiled by Bloomberg.
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