RAK offers to buy back $325m bonds

25 Nov 2010

(MENAFN) Ras Al Khaimah has offered to buy back $325 million of Islamic bonds maturing in 2012 at face value or swap them with new securities due in 2016, Gulf News reported.

Bondholders will also receive an early redemption premium of $20 per $1,000 face value, according to a statement dated November 15 from the Ras Al Khaimah government.

Investors may also swap up to $150 million of the securities for debt due in 2016 to be sold by RAK Capital, according to the statement.

Citigroup Inc and Royal Bank of Scotland Group Plc are managing the sale, according to the statement.

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