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Aldar Properties PJSC, Abu Dhabi’s biggest property developer and real estate asset manager by total assets, has launched initial price thoughts (IPTs) of around 6.375% for its planned USD benchmark hybrid notes offering under the Rule 144A/Regulation S format.
The notes carry a 30.25-year tenor with a non-call period of 7.25 years and will be listed on the Global Exchange Market of Euronext Dublin, followed by the Abu Dhabi Securities Exchange (ADX).
The coupon will reset after the first reset date and every subsequent five years to the prevailing US Treasury rate plus the initial margin and a 100 basis points step-up.
The hybrid instrument is rated Baa3 by Moody’s, while the issuer holds a Baa2 (Stable) rating.
The notes qualify for 50% equity credit under Moody’s Basket M and rank as direct, unsecured and subordinated obligations of the issuer.
Proceeds will be used for general corporate purposes.
Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, First Abu Dhabi Bank, IMI-Intesa Sanpaolo, JP Morgan, Mashreq, Rakbank, Societe Generale and Standard Chartered are joint lead managers and bookrunners.
(Writing by Brinda Darasha; editing by Bindu Rai)
