Dar Alarkan Real Estate Development Co. announces the completion of issuing US$ fixed rate RegS Senior Unsecured Sukuk
| Element List | Explanation |
|---|---|
| Issuance Type | US$ fixed rate RegS Senior Unsecured Sukuk |
| Introduction | Further to the announcement made by Dar Al Arkan Real Estate Development Company (DAAR) on 02 October 2019, DAAR is pleased to announce the successful closing of the sixth tranche Sukuk issuance under its USD denominated Islamic Sukuk Programme with a size of SAR 2.250 billion (USD 600 million).
The order book for the Sukuk was opened on Wednesday 9th of October 2019 and closed on the same day. With a long five year tenor at a profit rate of 6.75 % per annum. The issuance received significant interest from international market participants with the order book reaching SAR 6.26 billion (US$ 1.67 billion). Dar Al Arkan has appointed Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Noor Bank, Standard Chartered Bank and Warba Bank to manage the sixth tranche issuance. |
| Issuance Type | US$ fixed rate RegS Senior Unsecured Sukuk |
| Issuance Amount | SAR 2.250 billion (USD 600 million) |
| Total number of (Bonds/Sukuk) | 3,000 |
| Par Value (Bonds/Sukuk) | US$200,000 |
| Return (Bonds/Sukuk) | 6.75% per annum |
| Maturity (Bonds/Sukuk) | 15 February 2025 |
| Terms of Redemption | Full redemption on maturity |
| Additional Information | The stabilisation rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance.
The bonds will be listed on the Irish Stock Exchange (Euronext Dublin). |
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