Emaar Properties PJSC, the biggest publicly traded real-estate developer in the United Arab Emirates, said it successfully placed a convertible bond issue of up to $500 million. The bond will pay an annual interest rate of 7.5 percent and has an initial conversion price of $1.293 a share, Emaar said in an e-mailed statement today.
The issue was increased to $450 million from $375 million and has an over-allotment option of $50 million. Settlement is expected to take place on or around Dec. 20.
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