(Updates with details of new debt sale)
By Yousef Saba
DUBAI, May 15 (Reuters) - Bahrain's state oil holding
firm, nogaholding, is planning a sale of U.S. dollar-denominated
Islamic bonds and has offered to tender existing notes for cash,
a bank document and filing showed on Monday.
The tender offer is conditional on the completion of the new
debt sale, in which nogaholding will offer sukuk maturing in
seven or 10 years.
Nogaholding will buy "any and all of" its $750 million bonds
that were issued in 2018, subject to conditions, the filing
said.
The tender offer and new issuance are aimed at managing the
firm's balance sheet and maturity profiles, the filing said.
For the new sukuk issue, Bank ABC, Citi, FAB, HSBC, JPMorgan
and National Bank of Bahrain will arrange investor calls,
including a global investor call on Monday, the bank document on
the planned debt sale showed.
Bondholders have until May 22 to tender their paper. Pricing
and allocation of the new bonds is expected before then, the
filing on the tender offer said.
Nogaholding made a net profit of $1.059 billion last year
after $466 million in 2021 and a net loss of $130 million in
2020, according to an investor presentation.
The company has hired Boston Consulting Group to help
develop a national energy strategy for Bahrain and an
operational strategy for nogaholding.
In November, nogaholding CEO Mark Thomas told Reuters those
strategies were likely to be decided in six months, with
implementation to begin a year later.
"Junk"-rated Bahrain, a small non-OPEC oil producer, is one
of the most indebted countries in the region. High oil prices
last year helped bring its fiscal deficit down 81.3% to $474
million, the investor presentation showed.
(Reporting by Yousef Saba; Editing by Kirsten Donovan and Mark
Potter)
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