U.A.E.’s GEMS Plans Perpetual Bond Sale for School Expansion - Bloomberg

U.A.E.’s GEMS Plans Perpetual Bond Sale for School Expansion - Bloomberg:

"GEMS Education Ltd., the world’s biggest privately-owned operator of schools, plans to raise about $500 million from a debut sale of perpetual Islamic bonds to fund expansion and tap demand for Shariah-compliant assets.
Morgan Stanley (MS), Abu Dhabi Islamic Bank PJSC and Credit Suisse Group Inc. will help Dubai-based GEMS manage the sale of the bonds without a maturity date, Chief Financial Officer Nicholas Guest said in a phone interview. The company will begin meetings with fixed-income investors this week, he said.
GEMS will seek to raise between $650 million to $1 billion from different sources as part of a plan to build 21 new schools, including in the U.S. and U.K., over the next three years and boost capacity at 10 existing institutions, Chief Operating Officer Dino Varkey said in March. About 130,000 students attend its network of 100 schools in 11 countries."

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