GulfNav moves to clear Brooge’s debt: GulfNav closed an AED 613 mn (USD 167 mn) senior secured three-year sukuk to refinance the USD 144 mn outstanding bonds of its now-wholly-owned subsidiary Brooge Petroleum & Gas Investment (BPGIC), according to a press release (pdf).

The move is part of a broader capital-optimization push following last week’s takeover, with the new facility not only refinancing BPGIC’s legacy debt but also bankrolling a fresh expansion of storage capacity at the Port of Fujairah. No details were provided on pricing, investor participation, or listing venue, suggesting the transaction is unlisted.

ICYMI- GulfNav closed its long-delayed AED 3.2 bn full acquisition of Nasdaq-listed Brooge Energy’s assets last week, giving the DFM-listed shipowner full control of Brooge’s storage and blending facilities in Fujairah — one of the region’s key oil logistics hubs.

ADVISORS- Our friends at HSBC acted as sole arranger and underwriter. A&O Shearman advised HSBC, while Hogan Lovells advised the issuer on structuring, documentation, and closing.

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