Chicago, Nov. 14 – Ittihad International Investment LLC sold a debut $350 million sukuk offering (B+/B+), according to a press release and a presale report.
The five-year offering comes with a 9¾% yield. There are two years of call protection on the trust certificates.
The issuer had been aiming to sell a benchmark offering in its first sharia-compliant sukuk issuance.
Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Bank of Sharjah, and Ajman Bank worked as joint lead managers.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Ittihad International Investment LLC, based in the United Arab Emirates, is a conglomerate that develops and manages a diversified, non-oil and gas investment portfolio in the Middle East and Egypt.
| Issuer: | Ittihad International Investment LLC
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| Guarantor: | Ittihad Paper Mill and other subsidiaries
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| Amount: | $350 million
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| Issue: | Sukuk
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| Maturity: | Nov. 9, 2028
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| Bookrunners: | Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Bank of Sharjah, and Ajman Bank
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| Counsel to issuer: | Ashurst
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| Coupon: | 9¾%
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| Call features: | Two years
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| Pricing date: | Nov. 2
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| Ratings: | S&P: B+
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| Fitch: B+
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| ISIN: | XS2653858691
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