USD2.1 billion conventional and Islamic term finance facilities arranged for ALDAR Properties
Bookrunners Dubai Islamic Bank and Morgan Stanley have successfully closed syndication of USD2.1 Bn, four-year Term Finance Facilities for ALDAR Properties PJSC ('ALDAR') to fund the infrastructure development of the Al Raha Beach Project.
- United Arab Emirates: Tuesday, July 24 - 2007 at 15:52
- PRESS RELEASE
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Facilities Summary
The facilities are divided into a conventional term loan facility and an Islamic Ijara facility. Abu Dhabi Commercial Bank, Dubai Islamic Bank, First Gulf Bank, Morgan Stanley and National Bank of Abu Dhabi have fully underwritten the facilities.
Conventional Facility: $1,266,666,666, 4 years
Islamic Facility: $833,333,334, 4 years
Total Facilities: $2,100,000,000
Pricing for the Facilities is based on a fixed spread over US Dollar LIBOR.
The transaction attracted very strong support from the market and is being provided by an international syndicate of 29 banks, confirming the strength of ALDAR's bank relationships and breadth of support. Strong demand was seen from the Middle Eastern and Asian investor base. The market was very receptive to the strength of the Abu Dhabi Real Estate sector and ALDAR's credit as well as the strong security package and the dual tranche - Conventional and Islamic - structure of the deal. The Conventional and Islamic Facilities both closed substantially oversubscribed.
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Notes and media contacts
About the Company
ALDAR is the leading strategic real estate developer in Abu Dhabi in terms of its development projects and land bank, and is one of the largest UAE-listed property developers by market value. ALDAR's developments include the construction and management of offices, residential properties, retail sites, hotels, tourist attractions, leisure facilities, luxury resorts and schools.
Role and Titles:
Global Co-ordinator:
Morgan Stanley
Bookrunners:
Dubai Islamic Bank (Islamic Facility)
Morgan Stanley (Conventional Facility)
Facility Agents:
Dubai Islamic Bank (Islamic Facility)
National Bank of Abu Dhabi (Conventional Facility)
Initial Mandated Lead Arrangers:
Abu Dhabi Commercial Bank
Dubai Islamic Bank
First Gulf Bank
Morgan Stanley
National Bank of Abu Dhabi
Conventional Facility
Mandated Lead Arrangers
Arab Banking Corporation
Development Bank of Singapore
Emirates International Bank [Emirates Bank / Emirates Bank International?]
First Commercial Bank
Gulf International Bank
Mashreq Bank
Union National Bank
Arrangers
ICBC Asia
Mega International Bank
National Bank of Bahrain
Co-arrangers
Bank of Taiwan
Bank Sinopac
Changhwa Bank
National Bank of Oman
Managers
Caixa Geral de Depositos S.A.
Habib Bank AG Zurich
Korea Development Bank
Islamic Facility
Mandated Lead Arrangers
ABC Islamic Bank
Badr Al Islami, Mashreq Bank P.S.C.
Emirates Islamic Bank
Gulf International Bank
Union National Bank
Arrangers
BBK
Co-arrangers
Arab Bank
Managers
Habib Bank AG Zurich
In case of any questions relating to the above, please contact:
Saida Rzayeva
Vice President
Morgan Stanley - CEEMEA Loan Syndicate
20 Bank Street
Canary Wharf
London, E14 4QA, UK
Tel: + 44 20 7677 4067
Mob: +44 778 948 0873
Fawad Hussain
Vice President
Dubai Islamic Bank - Project Finance, Structured Finance & Syndications
P.O. Box 1080
Dubai, United Arab Emirates
Tel: +9 714 363 4173
Mob: +97 150 506 6910
Posted by Medilyn Manibo, Assistant News EditorTuesday, July 24 - 2007 at 15:52 UAE local time (GMT+4)
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