New Issue: Saudi developer Dar Al-Arkan prices $450 million 10¾% five-year sukuk at 99.058

By Paul A. Harris

St. Louis, Feb. 12 - Dar Al-Arkan International Sukuk Co. II, a special purpose vehicle for Saudi Arabian real estate developer Dar Al-Arkan Real Estate Development Co., has priced a $450 million 10¾% five-year sukuk (Ba2/BB/) at 99.058, according to a market source.

Deutsche Bank Securities, Goldman Sachs & Co. and Unicorn Investment led the sale of notes, which was conducted according to Rule 144A and Regulation S.

Proceeds will be used to fund future development projects.

Issuer:	Dar Al-Arkan International Sukuk Co. II (Dar Al-Arkan Real Estate Development Co.)
Amount:	$450 million
Maturity:	Feb. 18, 2015
Securities:	Senior unsecured sukuk al wakala
Lead managers:	Deutsche Bank Securities, Goldman Sachs & Co., Unicorn Investment
Coupon:	10¾%
Price:	99.058
Settlement date:	Feb. 18
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	Rule 144A/Regulation S

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.