Abu Dhabi-based alternative investment group, Ittihad International Investment LLC (Ittihad), rated BB- by S&P and BB- by Fitch, has mandated banks for a dollar-denominated five-year, non-call for the first two years, Reg S sukuk.

Abu Dhabi Islamic Bank, BofA Securities, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and JP Morgan have been mandated as joint global coordinators and joint bookrunners, along with Abu Dhabi Commercial Bank, Ajman Bank, Al Rajhi Capital, Arab Bank, Arqaam Capital, Bank of Sharjah and Dubai Islamic Bank as joint bookrunners and joint lead managers.

A series of fixed income investor calls and in-person meetings in London commence on Monday, November 3.

The company has also announced a fixed price tender offer to purchase for cash any and all of Ittihad International Ltd’s outstanding $450 million 144A Reg S 9.75% trust certificates due November 2028, subject to the terms and conditions set out in the offer to purchase dated November 3.

Established in 2008, Ittihad operates a diversified portfolio across a series of non-real estate and non-oil and gas sectors in the Middle East.

(Writing by Bindu Rai, editing by Daniel Luiz)

bindu.rai@lseg.com