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Aldar Properties PJSC, Abu Dhabi’s biggest property developer and real estate asset manager by total assets, has mandated banks for a planned USD-denominated hybrid notes offering.
The company, rated Baa2 (Stable) by Moody’s, appointed Citi as sole structuring advisor, global coordinator and joint bookrunner, alongside Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, IMI-Intesa Sanpaolo, J.P. Morgan, Mashreq, RAKBANK, Societe Generale and Standard Chartered Bank as joint lead managers and joint bookrunners.
The offering will comprise benchmark-sized USD conventional 144A/Regulation S resettable subordinated notes with a 30.25NC7.25-year tenor. The notes are expected to be rated Baa3 by Moody’s, subject to market conditions.
A global investor call is scheduled for Monday, January 5, followed by a series of fixed-income investor calls commencing the same day.
(Writing by Brinda Darasha; editing by Daniel Luiz)
