Damac Real Estate tenders for Alpha Star trust certificates

New York, March 31 – Damac Real Estate Development Ltd. announced a tender offer for up to $250 million of the $650 million of trust certificates due 2019 issued by Alpha Star Holding Ltd.

The company is offering to pay 101.5% of par for the certificates plus accrued interest up to but excluding the settlement date, according to a notice from the issuer.

Completion of the tender is subject to a financing condition which requires that Alpha Star Holding III Ltd. issue new dollar-denominated trust certificates.

The tender ends at 11 a.m. ET on April 7. Settlement is planned for April 19.

Tendering holders who also participate in the offering of new certificates may receive priority in allocation of the new issue up to the amount accepted in the tender.

Damac said that the tender offer and financing is being carried out in order to extend its maturity profile and “improve balance sheet efficiency.”

Emirates NBD PJSC (+971 4303 2800 or DCMSF@EmiratesNBD.com), HSBC Bank plc (+44 20 992 6237 or LM_EMEA@hsbc.com) and Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@BAML.com) are dealer managers.

The offer is not open to investors in the United States.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or damac@lucid-is.com) is tender agent.

Damac Real Estate is 100% owned by Damac Properties Dubai PJSC, a developer of high-end and luxury residential property in the Middle East. It is based in Dubai.

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