Arada closes $100mn tap of Sukuk issuance ...United Arab Emirates

Developer Arada has successfully closed a US $100mn tap of its existing $350mn sukuk, which was issued in June and listed on the London Stock Exchange. In a statement, Arada said that the tap was priced at 99 cents on the dollar, with an investor yield of 8.386%. Arada’s existing five-year fixed rate RegS debut Sukuk issuance was rated BB- by Fitch and B1 by Moody’s, it added. Ahmed Alkhoshaibi, Group CEO of Arada, said, “Arada continues to expand at an extremely rapid pace. To maintain that aggressive growth strategy, we took the decision to tap the markets opportunistically to secure the capital that will guarantee our plans remain on track. This exceptional response and over-subscription

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