Dubai’s Damac to issue dollar trust certificates with tender offer

By Christine Van Dusen

Atlanta, March 31 – Dubai’s Damac Real Estate Development Ltd. is planning to issue new dollar-denominated trust certificates with 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.

The new notes will be issued by Alpha Star Holding III Ltd.

Emirates NBD PJSC, HSBC Bank plc and Merrill Lynch International are dealer managers.

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

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