Nakheel today announced the launch and placement of US$ 750 million of Trust Certificates (the "Sukuk") subject to an increase option of up to an additional US$250 million. J.P. Morgan Securities Limited is Sole Bookrunner, Lead Manager and Underwriter for the offering. Nakheel PJSC is the obligor for payment obligations under the Sukuk.
The money raised through the Sukuk will be used for financing the general corporate activities of the Nakheel Group. Under certain conditions, investors will have the right to subscribe for a certain amount of shares in any future Qualifying Public Offering ("QPO") of any entity of the Nakheel Group, undertaken prior to one year following the redemption of the Sukuk.
Additional yield (returns) will be paid on redemption (to investors) of the Sukuk if either no QPO occurs or if the size of QPOs is below a certain threshold. Application will be made to list the Sukuk on the Dubai International Financial Exchange.
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Contact Details
For more information please contact:
Four Communications
Nakheel@fourcommunications.com
Tel: +971 (0)4 362 5129 / +44 (0) 870 444 4568
Nakheel
Benedict Fisher,
Corporate Communications Manager on +971 4 368 6948 / +971
(0)50 553 8446
benedict.fisher@nakheel.com
JP Morgan
Monika Weiler +44 207 325 1797
Email monika.weiler@jpmorgan.com
© Press Release 2007
