By Christine Van Dusen
Atlanta, May 21 - Saudi Arabia's Dar Al-Arkan Real Estate Development Co. priced a $450 million issue of 5¾% Islamic bonds due May 24, 2018 (/B+/) at 99.465 to yield 5 7/8%, or mid-swaps plus 486.5 basis points, a market source said.
The notes priced tighter than talk, initially set in the 6¼% area.
Bank Al Khair, Deutsche Bank, Emirates NBD, Goldman Sachs, Masraf Al Rayan and QInvest were the bookrunners for the Regulation S issue of Islamic bonds.
The proceeds will be used to fund the company's projects.
The developer is based in Riyadh.
| Issuer: | Dar Al-Arkan Sukuk Co. Ltd.
|
| Amount: | $450 million
|
| Maturity: | May 24, 2018
|
| Description: | Islamic bonds
|
| Bookrunners: | Bank Al Khair, Deutsche Bank, Emirates NBD, Goldman Sachs, Masraf Al Rayan, QInvest
|
| Coupon: | 5¾%
|
| Price: | 99.465
|
| Yield: | 5 7/8%
|
| Spread: | Mid-swaps plus 486.5 bps
|
| Trade date: | May 21
|
| Settlement date: | May 24
|
| Rating: | Standard & Poor's: B+
|
| Distribution: | Regulation S
|
| Price talk: | 6¼% area
|
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