Chicago, Oct. 5 – Alpha Star Holding VI Ltd. issued a $200 million sukuk trust certificate due May 7, 2025 (BB-), according to a press release and information from a post-sale report.
The certificates are guaranteed by Damac Real Estate Development Ltd.
The certificates are not listed on a stock exchange or trading on any market.
An optional redemption is available after Feb. 7, 2025.
Emirates NBD Capital Ltd. and Warba Bank were the joint lead managers.
Proceeds will be used to settle existing financings.
Damac is a Dubai-based high-end and luxury residential property developer.
| Issuer: | Alpha Star Holding VI Ltd.
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| Guarantor: | Damac Real Estate Development Ltd.
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| Amount: | $200 million
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| Issue: | Sukuk trust certificates
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| Maturity: | May 7, 2025
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| Bookrunners: | Emirates NBD Capital Ltd. and Warba Bank
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| Call features: | Starting Feb. 7, 2025
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| Settlement date: | Feb. 7, 2023
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| Ratings: | S&P: BB-
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| Distribution: | Regulation S
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