By Christine Van Dusen
Atlanta, Nov. 17 – Dubai’s Drake & Scull International PJSC priced a $120 million issue of senior unsecured certificates due Nov. 12, 2019 in a private placement, according to a company announcement.
Emirates NBD Capital, Mashreqbank, Al Hilal Bank and Noor Bank were the bookrunners for the Regulation S issue of Islamic bonds.
The proceeds will be used to capitalize the business and to target an acquisition for the company’s oil and gas division in the Gulf region. The proceeds also will be used to refinance part of Drake & Scull’s short-term debt.
The issuer is a design, engineering and construction company based in Dubai.
| Issuer: | Drake & Scull International PJSC
|
| Amount: | $120 million
|
| Maturity: | Nov. 12, 2019
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| Description: | Senior unsecured five-year certificates
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| Bookrunners: | Emirates NBD Capital, Mashreqbank, Al Hilal Bank, Noor Bank
|
| Trade date: | Nov. 13
|
| Distribution: | Regulation S
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