Dubai World unit Jebel Ali Free Zone Authority, or Jafza, has made a coupon payment due Monday on a 7.5 billion U.A.E dirham ($2.04 billion) Islamic bond, or sukuk, a bondholder said.
The sukuk's payment was estimated to be between 125 million dirham and 135 million dirham, according to analyst calculations.
Dubai World is struggling with about 60 billion dirham of liabilities and asked Wednesday for a standstill on all its debts until at least May 2010 while it restructures.
The sukuk was issued in November 2007 through a Cayman Islands-registered company called JAFZ Sukuk Limited and pays 1.3 percentage points over the six-month Emirates Interbank Offered Rate, according to Zawya.com.
Barclays Capital, Deutsche Bank, Dubai Islamic Bank, and Lehman Brothers acted as joint lead managers and joint bookrunners, according to the bond prospectus.
The sukuk is due November 2012.END
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