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HomeChannelsFeaturedEmaar bond holders seek equity conversion

Emaar bond holders seek equity conversion

EmaarHolders of Dubai-based developer Emaar Properties’ convertible bonds have asked the company to convert them into shares, Emaar said in a bourse statement on Sunday.

Emaar said its board would discuss the matter at a meeting on December 17. Emaar issued a $500 million convertible bond in 2010.

The sale marked the Dubai developer’s return to the debt markets after more than a year and an opportune time to raise cheap financing.

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Orders of around $2.5 billion during book building allowed the borrower to tighten profit guidance to a range of 6.5 percent to 6.625 percent, from the initial 6.75 percent indicated earlier.

Along with ADIB, Standard Chartered Plc, HSBC Holdings, Abu Dhabi’s Al Hilal Bank, Qatar’s Barwa Bank, Emirates NBD, Dubai Islamic Bank and Noor Islamic Bank were mandated on the deal.

Emaar, hit hard by a real estate collapse in Dubai during the financial crisis, saw apartment sales plunge 85 percent last year. The company gradually shifted its focus towards the more profitable hospitality and retail sectors.

Emaar owns the Dubai Mall, billed as the world’s largest shopping mall, and operates the Armani-branded hotels. The company had used Dubai Mall as collateral to secure a $1billon loan to help refinance upcoming debt.

Yields on Emaar’s 8.5 percent sukuk maturing 2016 tightened about 200 basis points since the beginning of the year, according to Thomson Reuters data.

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