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FINANCIAL NEWS
Saudi Dar Al-Arkan signs swap agreement
24 Jun 2010
(MENAFN) Dar Al-Arkan, Saudi Arabia?s biggest real estate developer by market value, said that it has signed a profit rate swap agreement to lower the costs of Islamic bonds, or Sukuk, worth $450 million, Reuters reported.
In February, the firm sold the Sukuk, priced at 10.75 percent, as part of efforts to fund its expansion, in the middle of a months-long freeze in Gulf Arab fixed-income markets which was sparked by Dubai?s debt woes.
The developer had immediate refinancing needs with an earlier $600 million Sukuk maturing in March and therefore could not postpone its February issuance. Many companies in the region have postponed issuances and have faced higher financing costs as a result.
To lower the costs, Dar Al-Arkan said it had signed a swap agreement, compliant with Islamic law, to cover 50 percent of the Sukuk, or $225 million, it said in a statement to the Saudi bourse.
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