New five-year notes from UAE’s Borets will be dollar denominated

By Christine Van Dusen

Atlanta, March 21 – The new issue of five-year notes from United Arab Emirates-based Borets Finance DAC will be dollar denominated, according to a company announcement.

Goldman Sachs, HSBC, Sberbank CIB and SIB (Cyprus) are leading the deal.

The notes are expected to settle on or near April 7.

The proceeds will be used to repurchase the company’s outstanding $420 million 7 5/8% notes due 2018 and to pay costs, expenses and fees connected to the repurchase.

Borets makes electrical submersible pumps for the oil and gas industry and has its global headquarters in Dubai.

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