Saudi developer Dar Al Arkan to launch dollar sukuk despite borrowing limits | Reuters:
"Saudi Arabian real estate developer Dar Al Arkan plans to launch a U.S. dollar sukuk this week, the first international debt issuance by a Saudi corporate this year, bankers involved in the deal said on Monday. The Islamic bond - expected to be of "benchmark" size, meaning at least $500 million - will be issued despite certain limits on the company's ability to raise debt, the sukuk prospectus showed. The proceeds will be used partly to refinance existing debt, which is why Dar Al Arkan can issue the bond despite the fact it would technically breach a borrowing limit, according to a supplement to the prospectus sent to investors on March 31 and seen by Reuters. "
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