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Nakheel may revise terms of $750m Sukuk
- United Arab Emirates: Tuesday, July 14 - 2009 at 08:57
Dubai-based property developer Nakheel said it plans to revise the payment terms of its $750m Sharia-compliant sukuk, which matures in 2011, Bloomberg has reported. Under the revised terms, Nakheel would decrease the coupon payment due July 16, and increase the final amount of January 16, 2011, payable on the bond redemption date, according to a notice sent to investors by Deutsche Bank, the bond's principal paying agent. Nakheel has said that the consent of sukuk holders was not required for the amendment, but that the 'transaction administrator wished that sukuk holders be notified ahead of formal approval'.
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