Gulf Investment Corporation (GIC) has raised $255 million through a sale of Islamic bonds, Reuters reports. The sukuk, which carry a coupon rate of 4.90%, will mature in 2016.
The notes, which will be issued to about 12 investors, are part of a $1.17 billion funding program. Malaysia’s AmBank will be the lead arranger of the securities. As part of the deal, the Kuwait-based firm will also be selected as agent to collect and manage the sukuk proceeds for bondholders.
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