Emirates REIT Refinances Existing Sukuk Offering with New USD 380 Million Issuance 

Emirates REIT Refinances Existing Sukuk Offering with New USD 380 Million Issuance 

https://islamicmarkets.com/articles/emirates-reit-refinances-existing-sukuk-offering-with-new-usd-380
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Dubai-based Emirates REIT has announced the closure of a Sukuk issuance worth USD 380 million to refinance USD 400 million existing Sukuk it had offered in 2017.

Why it Matters?

The Sukuk offered by Emirates REIT in 2017 was rescinded in June 2021, for holders to swap their notes for new paper after the entity failed to secure the necessary investor backing. The consent solicitation saw the participation of over 88% of existing certificate holders as votes in support of the proposed refinancing totalled 99%. Among the features of the new Sukuk, proposed last month, are a secured position and an enhanced profit rate of 9.5% (previously 5.125%), reflecting the present credit situation, which is characterised by growing inflation, profit rates, and marke...