Dubai’s Damac taps banks, sets roadshow for five- or seven-year dollar sukuk

By Rebecca Melvin

New York, April 3 – Alpha Star Holding V Ltd., a subsidiary of Damac Real Estate Development Ltd., has selected banks and scheduled fixed-income investor meetings for a new U.S. dollar-denominated sukuk with a five- or seven-year maturity, according to a syndicate source.

Barclays, HSBC (global coordinators), Dubai Islamic Bank, Emirates NBD Capital and Kamco Investment are the joint lead managers and bookrunners of the Regulation S deal.

Meetings will be held in Asia, the U.A.E. and the United Kingdom beginning April 5. The new sukuk benchmark will price April 11 subject to market conditions.

The new trust certificates are being marketed concurrently with a tender offer for up to $250 million of its $452,276,000 outstanding of trust certificates due 2019.

The tender offer is subject to successful pricing of the new certificates (see related story).

Damac is a Dubai-based real estate development company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.