Emaar Properties' subsidiary to price up to $375 million convertibles

By Rebecca Melvin

New York, Sept. 29 - Pyrus Ltd., a subsidiary of Emaar Properties PJCS of the UAE, plans to issue up to $375 million of convertible notes to be listed on the Luxembourg Stock Exchange, according to a news release.

There is an over-allotment option of up to $125 million of notes.

The issue, which is being managed by J.P. Morgan Securities NV, the Royal Bank of Scotland NV and Standard Chartered Bank, hadn't yet been launched.

Proceeds will be loaned to Emaar by the Cayman Islands-based subsidiary under an intercompany agreement.

The number of Emaar shares to be delivered on conversion will be determined by dividing the principal amount of notes translated in AED at a fixed exchange rate of AED 3.673 equals US$1.00 by the conversion price.

Emaar is a real estate company based in Dubai.

© 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.