Gulf Navigation Holding of Dubai intends to raise $40.8 million through convertible bonds, in order to restructure existing sukuks and other debts.
According to a company disclosure on Friday the issuance of mandatory convertible bonds, which will be by way of a private placement to existing sukuk holders and other creditors, will begin on March 9, 2022, the listed shipper’s disclosure to the Dubai Financial Market (DFM) stated.
The plan to issue bonds will be taken up during the company’s general assembly meeting on Monday, January 31, 2022.
“[The issuance is aimed at] restructuring of the existing sukuks and other debts of GNH by virtue of which those creditors wishing to swap voluntarily their existing sukuk certificates / debts subscribe to the new bonds,” the statement said.
The conversion period will be for three months from the issuance date.