UAE- Emaar to issue $375m convertible bond

30 Sep 2010

(MENAFN) A statement issued by Emaar Properties said that the company has agreed to issue a convertible bond worth $375 million which has an increase option of $125 million, Khaleej Times reported.

Pyrus Limited, a subsidiary of Emaar, is integrated on the Cayman Islands and will have a coupon of 7.25 percent to 8.25 percent of the planned issuance.

The notes will be adaptable into fully paid regularly at the option of holders of the notes and it is said that the note was likely to help Emaar refinance short-term debts, Emaar added.

The stake transfer price would be agreed between Emaar and its advisers as a result of book building process following the start of the bonds issue.

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