Emaar to sell $375m of convertible notes
Complex Made Simple

Emaar to sell $375m of convertible notes

Emaar to sell $375m of convertible notes

Emaar Properties plans to raise at least $375m by selling five-year convertible notes to help repay short-term debt, Bloomberg has reported. Including an oversubscription option, the issue may raise as much as $500m, the company said in a statement. Emaar had Dhs9.5bn ($2.6bn) of outstanding debt at the end of June, according to its quarterly results filing. Of that, Dhs5.2bn is due within 12 months. "It's very obvious that they are replacing short-term debt with long-term debt, which is the smart thing to do," Ahmed Badr, a Dubai-based analyst at Credit Suisse Group, told the news service.

    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved