Bahrain’s Securities and Investment Company (SICO) lead managed the issuance of $26.5 million collateralized floating rate notes (FRN) by the Dana Hotel Management Company. It is the first fixed income issue by a private held company as well as the first asset collateralized note issued in Bahrain.
The notes issued by Dana Hotel Management, which is jointly owned by Ebrahim Hassan Al-Ameer and Nader Hassan Rajab, are secured by the cashflows and assets from a portfolio of commercial and hotel type properties. The notes, which have a five-year life, have been rated BBB by Capital Intelligence.
In addition to Sico, the issue is co-lead, managed and underwritten by the Bank of Bahrain and Kuwait (BBK), Ahli United Bank and the Pension Fund Commission.
SICO is an investment bank offering a range of services on a regional basis with particular emphasis on Bahrain. The company was incorporated in Bahrain in 1995 with a paid up capital of 12.5 million Bahraini dinars ($33.1 million) and holds an investment-banking license issued by the Bahrain Monetary Agency (BMA). — (menareport.com)
© 2002 Mena Report (www.menareport.com)
