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Bond Market News
Emirates REIT Successfully Completes Refinancing of Sukuk
December 15, 2022
Emirates REIT announced the successful completion of a $380mn Sukuk issuance to refinance its $400mn 5.125% sukuk due December 2022. More than 88% of the existing holder participated in the consent solicitation, with more than 99% voting in favor of the refinancing. Emirates REIT had launched a consent solicitation in November that obtained support from an ad hoc group of eligible sukuk holders holding over 30% of the outstanding principal. Its 5.125% 2022’s holders had thus agreed to exchanged $1,000 in principal in old notes for $950 in face value of new 9.5% 2024s and $50 in cash.
Its 5.125% 2022s were trading flat at 91.54 on December 12.
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