CPI Financial | CPI Financial News | Banking and Financial News,Islamic Business and Finance, Commercial Banking | Aldar raises $750 million Sukuk:
"The transaction, which represents Aldar's first debt capital markets issuance since the merger with Sorouh, was priced very competitively at a spread of 290bps over USD Mid Swaps for a fixed profit rate of 4.348 per cent.
Today's transaction is another important milestone in the Company's debt strategy focussed on reducing the cost of borrowing, extending its maturity profile and lowering it leverage levels. The Sukuk follows the AED 4.0billion in bank financings, announced on 7 November 2013, that carried an average margin of 1.3 per cent above base rate and an average maturity of three and half years. These facilities remain undrawn at this time and will be used for refinancing purposes. This followed a successful margin reduction on a AED 2.1 billion syndicated loan during the second quarter 2013.
At the end of the third quarter 2013, total assets were AED 44.8 billion and gearing (net debt to equity) was 55 per cent (FY 2012: 144 per cent). Aldar also continued to have a strong cash position with AED 6.3 billion of cash and available liquidity at the end of the third quarter."
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