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Govt-owned United Arab Shipping Co eyes debut bond

UASC mandates DB, UBS and Mitsubishi for investor meetings; Roadshows kick off Thursday in Singapore; Potential bond will be company's debut issue; Co does not intend to get a credit rating


November 21, 2011 2:42 by

United Arab Shipping Company (UASC), jointly owned by a group of Gulf Arab states and Iraq, has picked banks for investor meetings before a potential dollar-denominated bond issue, arranging banks said on Monday.

Deutsche Bank, Mitsubishi UFJ and UBS will arrange meetings for the company, which kick off on Thursday, according to an announcement seen by Reuters.

Roadshows will begin in Singapore and continue in Hong Kong on Friday, Abu Dhabi and Dubai on Nov. 28 and London on Nov. 29, before concluding in Switzerland on Nov. 30, leads said.

A bond from the company will be the first time it has issued public debt in any currency, a source at one of the lead arrangers said.

UASC is unrated and will not be seeking a credit rating ahead of any potential issue given its ownership structure, a separate source at an arranging bank added.

It is owned by the governments of Saudi Arabia, Qatar, Kuwait, United Arab Emirates, Bahrain, as well as Iraq.

The firm signed a $302 million term loan facility in February to back the acquisition of three A13 vessels ordered from Samsung Heavy Industries. (Reporting by David French; Editing by Rachna Uppal and David Holmes)


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