Sharjah, UAE— Arada has closed a US$100 million tap of its existing US$350 million Sukuk, which was issued in June and listed on the London Stock Exchange.
The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 percent. Arada said the tap witnessed demand from the global finance markets, with a lead order of US$185 million.
The proceeds from the tap will be used for general corporate purposes and to support the development of Arada’s existing projects, the company said.
Arada’s existing five-year fixed rate RegS debut Sukuk issuance was rated BB- by Fitch and B1 by Moody’s.
Ahmed Alkhoshaibi, Group CEO of Arada, said, “Arada continues to expand at an extremely rapid pace. To maintain that aggressive growth strategy, we took the decision to tap the markets opportunistically to secure the capital that will guarantee our plans remain on track.”
