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UAE’s Nakheel to issue Islamic bonds to creditors

23 Aug 2011

(MENAFN) Nakheel properties’ chairman, Ali Rashid Lootah, said that as part of a five-year restructuring plan, the developer would issue USD1.3 billion Islamic bonds (Sukuk) to the its creditors, reported Emirates 24/7.

Lootah added that when the company would get all creditors’ approval, it would start its restructuring program with a value of USD13 billion, moreover, the company would issue the Islamic bonds for eligible commercial lenders who inked deals with the firm.

He also said that the company offered its trade creditors repayment of 40 percent in cash whereas 60 percent would be offered in the form of Islamic bonds.

It is worth noting that the Islamic bonds would be issued in one batch, nevertheless, their distribution could span over the period of two to three months.

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