Published: November 17, 2013
Saudi real estate firms raises US$300mn.
Saudi Arabia's Dar Al Arkan Real Estate Development Company (DAAR) has raised US$300mn with a 3-year sukuk.
The issuance represents the second tranche of the company's US$746mn sukuk programme and priced with a coupon of 5.75%. The orderbook was two times oversubscribed, and attracted interest from domestic and international investors.
Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, Bank of America Merrill Lynch and Al Hilal bank managed the issuance.
DAAR raised US$450.6mn in May in a deal led by Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD Capital, Masraf Al Rayan and Quinvest.