Abu Dhabi’s Aldar Properties hires banks for $750 mln sukuk refinancing - sources | Reuters:
Aldar Properties, the state-linked builder of Abu Dhabi’s Formula One circuit, has hired banks to arrange a U.S. dollar-denominated sukuk issue of at least $750 million, sources familiar with the matter said.
The company has mandated JPMorgan, Standard Chartered, and First Abu Dhabi Bank for the debt sale, said the sources. Other banks, including Dubai Islamic Bank , will also have a role in the deal, said the sources.
The issue will refinance a $750 million outstanding sukuk, or Islamic bond, due in December this year. The size of the transation could increase, depending on demand, one of the sources said.
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