BofA update shows where active managers are putting money
DUBAI - Arada Developments LLC announced Friday it will purchase $88.3 million worth of outstanding trust certificates following the completion of its tender offer launched on July 24.
The UAE-based developer said it received valid tenders for $88,298,000 of its outstanding $500 million trust certificates due 2027 by the expiration deadline of July 31. The company will accept all validly tendered certificates in full without pro-ration, according to a press release statement.
The tender offer represents approximately 17.7% of the total outstanding certificates originally issued. The certificates were issued through Arada Sukuk Limited with the international securities identification number XS2471859251.
Settlement of the offer is expected to take place on August 5, subject to satisfaction of all conditions, including the New Certificates Condition outlined in the tender offer memorandum.
Emirates NBD Bank PJSC and Standard Chartered (LON:STAN) Bank are serving as dealer managers for the transaction, while Sodali & Co Ltd is acting as the tender and information agent.
The announcement was made by Shimmy Mathew, Group Chief Financial Officer of Arada Developments LLC. The company noted that the information contained in the announcement qualified as inside information under UK regulations.
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