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Emaar Properties successfully places up to $500m convertible notes

2010-09-30

Emaar Properties PJSC announces the placement and final terms of its offering of $450m of Convertible Notes due 2015 with a potential maximum size of $500m if the over-allotment option is exercised. The issue was upsized from its initial $375m size due to strong investor demand. The Company intends to use the net proceeds of the offering to refinance short term liabilities and for general corporate purposes.  The Notes are expected to be issued by the Company"s wholly-owned subsidiary Pyrus Limited and will be guaranteed by the Company. The Notes will have a coupon of 7.5% p.a. and will be convertible into shares of the Company. The initial conversion price has been set at $1.293 per Share (Dhs4.75 per Share), representing a premium of 25% to the closing price of the Shares on the Dubai Financial Market on 29 September 2010, using a fixed exchange rate of Dhs3.673 = $1.   Application will be made for the Notes to be listed on the Luxembourg Euro MTF market.  Settlement is expected to take place on or around 20 December 2010. The Company has granted the Managers an over-allotment option to subscribe for up to an additional $50m of Notes, exercisable on or prior to 14 December 2010. The issue of the Notes is subject to the passing of certain resolutions at an extraordinary general shareholders" meeting of the Company. If such resolutions are not passed, the Notes will not be issued. The extraordinary general meeting of shareholders to pass the resolutions is expected to be held on or around 3 November 2010.   If the first meeting does not achieve the necessary quorum, a second and, if necessary, a third EGM will be called, to be held (if required) on or around 8 November 2010 and 9 December 2010 respectively.  J.P. Morgan, The Royal Bank of Scotland and Standard Chartered Bank are acting as joint bookrunners for the offering.


 

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2018-02-18
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2018-02-18
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2018-02-18
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2018-02-13
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