State-owned Oil and Gas Holding Company (Nogaholding), which controls Bahrain’s key oil and gas subsidiaries, has raised a 10-year $1bn debut bond which has attracted order books of $2.6bn. The issue was priced at 7.25%, slightly tighter than the initial pricing of 7.50%. It follows the government’s raising of a $3bn three-tranche international bond in September (MEES, 22 September). The joint lead managers and bookrunners of the $1bn deal are Citi, JP Morgan, Bank ABC, BNP Paribas, Gulf International Bank.
Nogaholding has not indicated where the funds are earmarked for, but has several major development projects on the board. It plans to invest $5bn in raising output of the Bapco 262,000 b/d refinery to 360,000 b/d, for an 800mn cfd LNG import terminal to start up in Q1 2019, and for commissioning on a pipeline to receive 350,000 b/d of Saudi Arab Light crude to take place in 2018. (CONTINUED - 256 WORDS)