PHOTO
UAE property developer Sobha Realty has released the initial price thoughts (IPTs) for its USD benchmark three-year Reg S sukuk offering, which are in the area of 8.375%, with a fixed profit rate, payable semi-annually in arrear.
The sukuk will be priced later today, with the offering to come under Sobha Sukuk l Holding Limited’s $1.5 billion Trust Certificate Issuance Programme.
The company is the third largest real estate developer in Dubai, rated Ba2 by Moody’s and BB by S&P, both with a stable outlook.
Banks mandated include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq, RAKBANK, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank, which have been appointed joint lead managers and bookrunners.
The proceeds will be used to settle existing financings and for parent company PNC Investments’ general corporate purposes.
The sukuk will be listed on London Stock Exchange’s International Securities Market, Nasdaq Dubai and DFSA.
(Writing by Bindu Rai, editing by Seban Scaria)
