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Abu Dhabi-based alternative investment group, Ittihad International Investment LLC (Ittihad) has priced its $550 million five-year, non-call for the first two years, Reg S sukuk at par with a 7.375% coupon.
The benchmark sized Eurobond offering came with a make-whole call (MWC) provision at T+50bps with a 7.375% yield.
The final book was in excess of $2 billion, excluding JLM interest.
The company, rated BB- by S&P and BB- by Fitch, had earlier shared initial price thoughts in the 7.75% area.
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.
The sukuk is listed on The International Stock Exchange (TISE).
Ittihad had also announced a fixed price tender offer to purchase for cash all of its outstanding $450 million 144A Reg S 9.75% trust certificates due November 2028.
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 Seban Scaria)
