UAE’s Arada Developments sets $180mln maximum acceptance amount for tender offer
By Staff Writer
The UAE’s Arada Developments, rated B1/B+ (both negative outlook) by Moody’s and Fitch, has announced the maximum acceptance amount of $180 million in relation to its tender offer to purchase existing certificates for cash.
Holders of Arada Sukuk Limited’s outstanding Trust Certificates due 2027, representing an aggregate principal amount of $411.7 million out of the original $500 million issuance, had been invited to tender their certificates for purchase by Arada for cash, subject to the offer’s terms and conditions.
The company had set up a maximum acceptance amount equal to the aggregate amount of the New Certificates less $200 million, which could be amended at Arada’s sole discretion at any time prior to the tender results announcement.
Emirates NBD Capital, Mashreqbank and Standard Chartered Bank were named dealer mangers on the offer.
Arada Developments is Sharjah’s largest real estate developer, which earlier this week, also raised $400 million through a public debt issuance at a coupon rate of 8.875%.
(Writing by Bindu Rai, editing by Seban Scaria)