Islamic Finance

Saudi property developer Dar Alarkan sells $600 mln in sukuk

BY Staff Writer

10 Oct 2019

News

Salaam Gateway

Saudi Arabia’s Dar Alarkan Real Estate Development Co. has sold a 5-year $600 million sukuk at the profit rate of 6.75 per cent per annum.

The company reported in an exchange filing on Thursday that the order book for the RegS senior unsecured sukuk reached $1.67 billion.

The sukuk will mature on February 15, 2025.

Dar Al Arkan appointed Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Noor Bank, Standard Chartered Bank and Warba Bank to manage the sixth tranche issuance under its USD denominated Islamic Sukuk Programme.

In April this year Dar Alarkan redeemed a $400 million sukuk from internal cash reserves. The sukuk, issued in 2014, was due to expire on May 28, 2019.

tags:

Sukuk