He wanted to close a new bond tour of $ 450 million
Sharjah, July 29 / WAM / The Real Estate Development Company, which is based in Sharjah, closed its headquarters, which is based in the B1 degree from Moody’s and B+ Class from the Fitch Foundation, the round of a new instrument of $ 450 million, which was included in the London Stock Exchange and NASDAC Dubai.
The new release was priced by five years, which is classified as BB- from the Fitch Foundation and B1 from Moody’s Foundation, at an annual investment rate of 7.150%, and with a narrowing of 47.5-60 points for the initial guideline pricing by 7.625%- 7.750%, and a difference of 317 basis points above the rate of US treasury bonds, which is the narrowest rehabilitation return achieved by He wanted at all.
The revenues of this version will be used in a tender offer of up to $ 100 million on the current instruments that will be due in 2027, provided that the rest is dedicated to the general purposes of the company.
The issuance of the sukuk witnessed a strong request from regional and international investors alike, as the volume of subscription requests reached its peak over $ 2 billion “except for the major subscriber managers,” which equals more than four times the size of the offering.
“Our last successful return to the global markets again reflects the confidence of investors from the region and around the world in the record of the busy and strong financial center and promising growth prospects for it, and this version is a starting platform for the next stage, where we continue to explore the opportunities for growth inside and outside the UAE,” said His Royal Highness Prince Khalid bin Al -Walid bin Talal, Vice Chairman of the Executive Board of Directors.
The geographical distribution of investors diversified in this version of the sukuk, to include Europe, the Middle East and Asia, and the list of investors included banks, private banks, asset managers and investment funds, as well as hedge funds.
The list of global coordinators jointly included this version of the Sukuk: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBA Capital, Abu Dhabi First Bank, Mashreq Bank, Standard Charterd Bank, while the list of key managers and subscription managers included both the Arab Bank, Capital, ABC Bank, Rak Bank, Sharjah Islamic, and a goddess.
It is noteworthy that, since its inception in 2017, it has launched nine successful integrated projects in Sharjah and Dubai, and it has a package of current and future projects in the UAE and Australia and a value of more than 90 billion dirhams. Erda sold more than 17,000 housing units to this day, with a value of more than 29 billion dirhams, with more than 10,000 units.
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