Chicago, April 19 – Alpha Star Holding VII Ltd. priced its $400 million sukuk offering with a three-year tenor (BB-), according to a notice.
The guarantor will be Damac Real Estate Development Ltd.
The three-year trust certificates will be listed in Dublin.
J.P. Morgan Securities plc, Emirates NBD Capital, Deutsche Bank, Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreq are bookrunners on the deal.
Proceeds, according to S&P Global Ratings, will be used to refinance debt and general corporate purposes.
Damac is a Dubai-based real estate development company.
| Issuer: | Alpha Star Holding VII Ltd.
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| Guarantor: | Damac Real Estate Development Ltd.
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| Amount: | $400 million
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| Issue: | Trust certificates
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| Tenor: | Three years
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| Bookrunners: | J.P. Morgan Securities plc, Emirates NBD Capital, Deutsche Bank, Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreq
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| Price: | Par
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| Announcement date: | April 19
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| Ratings: | S&P: BB-
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