Aurum has consent to amend TFG 10½% amortizing sukuk

Chicago, Aug. 17 – Aurum (Cayman) Ltd. has the consent of holders to amend the $135 million secured 10½% amortizing certificates due 2024 issued by TFG Sukuk I Ltd., according to an announcement.

The amendments revise the scheduled dissolution distribution amounts payment schedule and scheduled dissolution distribution amounts payable under the certificates; amend the provisions relating to dissolution at the option of Aurum and the optional dissolution distribution amount payable on an optional dissolution date; insert an additional option allowing for dissolution of the certificates in the event of a refinancing event; and revise some of the covenants and undertakings that Aurum is required to comply with under the certificates.

The First Group is a subsidiary of Aurum, based in Dubai. The issuer is an integrated property developer with a portfolio of upscale hotels, residential properties and real estate management services.

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