Aldar says repaid $1.2bn bond on time
Abu Dhabi, January 4, 2012
Indebted Aldar Properties repaid a $1.18 billion convertible Islamic bond (sukuk) due on November 10 last year on time, the company said in a statement to the bourse, dated December 28 but released on Wednesday.
Aldar, which last week received a new $4.6 billion lifeline from the Abu Dhabi government, clarified the redemption of the sukuk certificates after a request from the Abu Dhabi Securities Exchange, where it is listed.
The sukuk was arranged as an exchangeable Islamic bond by Barclays Capital, Credit Suisse and National Bank of Abu Dhabi, at a conversion price of Dh5.69 ($1.55).-Reuters