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Aabar announces a US$350 mn exchangeable Sukuk

posted on 03/06/2006: 489 views

Aabar Petroleum Investment Company PJSC is launching a US$350 million exchangeable Sukuk al-Mudarabah (the "Sukuk"). The Sukuk will be issued by Aabar Sukuk Limited (the "Issuer"), a Cayman Islands company.

The Sukuk will have a four-year maturity and is expected to offer a fixed profit rate equal to the four-year US Dollar Swap rate around the time of pricing plus 1.25 per cent. In certain circumstances, and subject to shareholder approval for the issuance of additional capital by Aabar, the Sukuk may be redeemable in the form of Aabar's ordinary shares.

The Sukuk is expected to be offered (the "Offering") to investors through a private placement outside the United States pursuant to Regulation S of the United States Securities Act 1933. The Offering is expected to be made in certain markets in the GCC, Europe and Asia subject to applicable law.

Marketing of the Sukuk and book building is expected to begin on or around June 4, 2006 and is expected to close on or around June 14, 2006. Deutsche Bank AG is the sole Global Coordinator, sole Book runner and a Joint Lead Manager of the Offering, Abu Dhabi Commercial Bank is a Joint Lead Manager of the Offering. (Emirates News Agency, WAM)


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