Drake & Scull issues a $120 million private placement 5-year sukuk

16/11/2014 Argaam

Drake & Scull International issued $ 120 million unrated, unsecured 5-year sukuk through private placement to support the company’s operations in Saudi Arabia and emerging markets like Egypt, India and Algeria, the company said in a statement.

 

The Sukuk will be due and redeemed fully at maturity on Nov 12, 2019. Emirates NBD Capital Ltd. and Mashreqbank PJSC, via the Islamic banking arm Mashreq Al-Islami) were hired as a  Joint Coordinators. They are also the joint lead managers Al Hilal Bank PJSC and Noor Bank.

 

The company is considering buying a small oil and gas company, CFO Mokhtar al-Safy, said. 

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