Chicago, Aug. 22 – Sobha Realty sold a $300 million 8¾% five-year sukuk offering (Ba3/BB-) through Sobha Sukuk Ltd., according to press releases and an offering document.
The issuer is a special purpose vehicle established by obligor PNC Investments LLC.
The price was par.
Standard Chartered Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank and Sharjah Islamic Bank were joint lead managers for the Regulation S offering. All of the joint lead managers were also joint global coordinators except for Sharjah.
Proceeds will be used to settle existing financings and for general corporate purposes.
The transaction is the inaugural international capital markets issuance by Sobha.
Sobha is a luxury real estate developer based in Dubai.
| Issuer: | Sobha Sukuk Ltd. for PNC Investments LLC
|
| Amount: | $300 million
|
| Issue: | Sukuk
|
| Maturity: | 2028
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| Bookrunners: | Standard Chartered Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank and Sharjah Islamic Bank
|
| Sukuk trustee: | Sobha Sukuk Ltd.
|
| Counsel to issuer: | Walkers (Dubai) LLP and Clifford Chance LLP
|
| Counsel to underwriters: | Dentons
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| Coupon: | 8¾% periodic distribution
|
| Price: | Par
|
| Yield: | 8¾%
|
| Call features: | Three years
|
| Change of control: | Yes
|
| Trade date: | July 13
|
| Settlement date: | July 17
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Distribution: | Regulation S
|
| ISIN: | XS2633136234
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