We refer to the consent solicitation announced on 14th November 2022 by Emirates REIT Sukuk Limited (“Emirates REIT” or the “Company’) (the “Consent Solicitation”) in respect of its outstanding US$400,000,000 Certificates due on 12th December 2022 (the "Certificates").
The Ad-Hoc Group, comprising certain large certificateholders including Arkkan Capital Management Limited, Rasmala Investment Bank Limited, GFH Financial Group, Sancta Capital, SC Lowy Primary Investments, Plenisfer Investments, Emirates NBD Asset Management, Shuaa Capital and Saray Capital, was set up in 2021 and represents over 30% of total certificateholders. The Ad-Hoc Group is being advised by Rothschild & Co and Akin Gump Strauss Hauer & Feld LLP.
The Ad-Hoc Group, supported by its financial and legal advisers, have been engaged with the Company for several months, negotiating with the Company to reach agreement on transaction terms that would provide satisfactory structural protections and economic returns for the holders of the new secured certificates.
On reviewing the proposed final terms of the Consent Solicitation, the members of the Ad-Hoc Group find the terms of the proposed transaction acceptable. The members of the Ad-Hoc Group intend to vote in favor of the Consent Solicitation in accordance with their holdings and invite other certificateholders to review the proposed terms of the Consent Solicitation and, if appropriate, also consider voting in favor of the Consent Solicitation.
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Certificateholder enquiries:
Rothschild & Co
Naveen Bhojwani, Head of Debt Advisory & Restructuring (Middle East)
naveen.bhojwani@rothschildandco.com
