Chicago, April 8 – Aldar Investment Properties LLC privately placed $500 million of 5 5/8% subordinated perpetual notes (Baa3) with Apollo Global Management, according to a press release on the company’s website.
The notes have 15 years of call protection.
The company said that the placement represents the largest corporate hybrid private placement in the Middle East and North Africa region.
The notes are part of Apollo’s $1.4 billion investment of strategic capital in Aldar.
The real estate company is based in Abu Dhabi.
| Issuer: | Aldar Investment Properties LLC
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| Amount: | $500 million
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| Issue: | Subordinated notes
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| Maturity: | Perpetual
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| Coupon: | 5 5/8%
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| Call features: | 15 years
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| Announcement date: | March 24
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| Ratings: | Moody’s: Baa3
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| Distribution: | Private placement
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