Jan 28 2011 |
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Emaar prices $500m sukuk after it wins $1.7b in subscriptions
Friday, Jan 28, 2011
Gulf News
Funds to be used to extend developer’s debt maturity profile
Dubai Emaar Properties , rated B1/BB, has priced its first international fixed-income offering, raising $500 million via trust certificates with a maturity of five and a half years at a yield of 8.5 per cent.
The first public offering from the region this year was structured as a Sukuk Al Ijarah and issued by a Special Purpose Vehicle, Emaar Sukuk. It received subscriptions totalling $1.7 billion, the company said, and constitutes the first drawdown under its $2 billion programme.
“The company is considering liquidating or reducing its stakes in Amlak , Dubai Bank and other non-core assets as it realigns its business strategy for the next three to five years,” the banker who recently met with senior Emaar executives, was quoted as saying by Zawya Dow Jones.
Emaar shares closed 0.6 per cent lower on the Dubai bourse yesterday. The broader index dropped 0.9 per cent.
Emaar chairman Mohammad Alabbar said in a statement that the funds raised via the sukuk “will be used to implement our funding strategy and extend our debt maturity profile”.
The offering represents Emaar’s first fixed-income offering, and follows the company’s $500 million convertible bond executed last year.
Emaar is owned 31.22 per cent by the Dubai Government through Investment Corporation of Dubai.
bonds
Gulf News Report
© Gulf News 2011. All rights reserved.
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