By Mary-Katherine Stinson
Lexington, Ky., Oct. 6 – Alpha Star Holding VIII Ltd. issued $300 million of 8 3/8% 3.5-year sukuk trust certificates (Ba2/BB-), according to a notice and information from a pre-sale report from S&P Global Ratings.
The certificates are guaranteed by Damac Real Estate Development Ltd.
J.P. Morgan Securities plc, HSBC, Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, First Abu Dhabi Bank, GFH Financial and Mashreq are the bookrunners.
Proceeds will be used by Alpha Star as follows: at least 55% will fund the purchase of assets from Front Line and Damac Crescent and a maximum of 45% will fund the acquisition of a portfolio of commodities (murabaha assets), according to the S&P report.
Damac is a Dubai-based high-end and luxury residential property developer.
| Issuer: | Alpha Star Holding VIII Ltd.
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| Guarantor: | Damac Real Estate Development Ltd.
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| Amount: | $300 million
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| Issue: | Sukuk trust certificates
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| Tenor: | 3.5 years
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| Bookrunners: | J.P. Morgan Securities plc, HSBC, Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, First Abu Dhabi Bank, GFH Financial and Mashreq
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| Coupon: | 8 3/8%
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| Price: | Par
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| Yield: | 8 3/8%
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| Announcement date: | Oct. 6
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| Ratings: | Moody’s: Ba2
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| S&P: BB-
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| Distribution: | Regulation S
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