Dentons Acted For Arada Developments On US$400 Million Sukuk Due In 2029
Dentons has advised real estate developer Arada Developments in the Northern Emirates of the United Arab Emirates, on its
By: : Sara Ali
Update: 2024-06-27 08:15 GMT
Dentons Acted For Arada Developments On US$400 Million Sukuk Due In 2029
It was listed on the London Stock Exchange and Nasdaq, Dubai
Dentons has advised real estate developer Arada Developments in the Northern Emirates of the United Arab Emirates (UAE), on its drawdown issuance of US$400 million sukuk due 2029.
The issuance drew a subscription order book of US$1.45 billion and was more than three and a half times oversubscribed.
Dentons recently also advised on the establishment of Arada’s US$1 billion Trust Certificate Issuance Programme. Several international and local banks acted as joint lead managers and bookrunners on the issuance.
The issuance was rated B1 by Moody’s and BB by Fitch. It was listed on the London Stock Exchange’s International Securities Market, and Nasdaq, Dubai. It was offered to investors outside the US in reliance on Regulation S under the US Securities Act, 1933.
Alex Roussos, the managing partner of Dentons’ Dubai office led the team. He was assisted by senior legal consultant Katie Phillips and senior associate James Osun-Sanmi.