By Jennifer Chiou
New York, Dec. 13 - Tamweel PJSC announced a $300 million issue of exchangeable notes (//A) due January 2013 with a 4.31% profit rate.
The notes, structured as a sukuk in compliance with Islamic law, priced on Thursday at par with an exchange premium of 20.5% and exchange price of $2.2711.
The notes are exchangeable into Tamweel shares and may be redeemed at up to 50% of the sukuk in each six-month period from March 2011, subject to a 13% hurdle.
Barclays Bank plc is the lead manager.
Tamweel is a home finance company in Dubai, United Arab Emirates.
Issuer: | Tamweel PJSC
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Issue: | Notes
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Amount: | $300 million
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Maturity: | January 2013
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Profit rate: | 4.31%
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Price: | Par
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Exchange price: | $2.2711
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Exchange premium: | 20.5%
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Redemption price: | Up to 50% of the sukuk in each six-month period from March 2011, subject to a 13% hurdle
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Lead manager: | Barclays Bank plc
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Pricing date: | Dec. 13
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