Arabian Drilling Co., a Saudi-based drilling company, has successfully raised SAR2 billion ($533 million) from the local debt market.

The transaction attracted large demand from various investor groups. Final order booked reached more than SAR5.5 billion which allowed the company to increase the issuance size from its original plan of less than SAR1.6 billion to SAR2 billion.

The demand also allowed the Sukuk pricing to land at Sibor+1.60 percent which was the low end of price guidance for 5-years tenor.