DOHA: Ooredoo yesterday announced the successful pricing of the inaugural $1.25bn issuance (sukuk) under its recently established $2bn Trust Certificate Programme which was four times over-subscribed. The sukuk is to be issued by Ooredoo Tamweel Limited, a special purpose vehicle wholly owned by Ooredoo.
Ooredoo is rated A2 by Moody’s, A by S&P and A+ by Fitch.
The sukuk will mature on December 3, 2018 and will have a profit rate of 3.039 percent. It will be listed on the official list of the Irish Stock Exchange and admitted to trading on its Main Securities Market.
Net proceeds from the sale of the Sukuk will be used by Ooredoo for general corporate purposes including re-financing existing indebtedness.
Ooredoo mandated DBS Bank Ltd, Deutsche Bank AG London Branch, HSBC Bank plc, QInvest LLC and QNB Capital LLC to act as Joint Lead Managers and Joint Bookrunners for the Reg S benchmark offering.
Dr Nasser Marafih, Chief Executive Officer, Ooredoo Group, said: “The strong demand we saw for Ooredoo’s first Sukuk from investors demonstrates the strength of Ooredoo’s business and the growing maturity of Sukuk certificates as a debt instrument in the global financial markets. The Sukuk further diversifies our investor base and enhances our financial flexibility to execute our business strategy.”
The settlement of the offering is expected to occur on December 3, 2013 and is subject to customary settlement conditions.
the peninsula
Oil rises above $111 as Iran relief prospects fade
LONDON: Oil edged above $111 a barrel yesterday as investors judged that a deal between Iran and world powers would bring no immediate increase in crude supplies from the Opec member.
Front-month Brent crude rose five cents to $111.05 a barrel by 1255 GMT. It had plunged as much as $3 in the previous session but recouped most of those losses to end five cents down. US oil rose 38 cents to $94.47.
Reuters
