Ras Al Khaimah calls $325 million trust certificates due 2012

By Melissa Kory

Cleveland, Dec. 14 - The Government of the Emirate of Ras Al Khaimah announced that it will redeem the outstanding trust certificates due 2012 issued by Rakia Sukuk Co. Ltd. on Dec. 23.

The redemption follows a tender and exchange offer for the securities begun by the emirate's Investment and Development Office on Nov. 22. The offers ended at 6 a.m. ET on Dec. 6.

The emirate accepted $251,981,000 of 2012 trust certificates in the tender offer and $7.5 million of 2012 trust certificates in the concurrent exchange offer.

As previously reported, $400 million of trust certificates due Jan. 28, 2016, issued by RAK Capital will be issued in the exchange offer.

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