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Nakheel May Offer Trade Creditors 10% Return on Sukuk

2010-04-22

Nakheel PJSC, the unit of Dubai World that is restructuring $10.5 billion of debt, plans to pay an annual return of 10 percent on Islamic bonds it seeks to issue to trade creditors, said two people familiar with the proposal. The deal is conditional on trade creditors representing at least 95 percent of the value of all claims agreeing to the proposal, according to the people who declined to be identified because the plan hasn’t been made public. Nakheel plans to issue the five-year bonds in July and list the securities on Nasdaq Dubai. The return will be paid twice a year.


 

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