Abu Dhabi-based alternative investment group Ittihad International Investment LLC (Ittihad) has priced its $550 million five-year, non-call for the first two years, Reg S sukuk at par with a 7.375% coupon.
The benchmark-sized Eurobond includes a make-whole call (MWC) provision at T+50bps and offers a 7.375% yield.
The offering attracted strong demand, with the final book exceeding $2 billion, excluding joint lead manager interest.
The company, rated BB- by S&P and BB- by Fitch, had initially shared price guidance in the 7.75% area.
Abu Dhabi Islamic Bank, BofA Securities, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and JP Morgan acted as joint global coordinators and joint bookrunners, alongside Abu Dhabi Commercial Bank, Ajman Bank, Al Rajhi Capital, Arab Bank, Arqaam Capital, Bank of Sharjah and Dubai Islamic Bank as joint bookrunners and joint lead managers.
The sukuk is listed on The International Stock Exchange (TISE).
Ittihad also announced a fixed-price tender offer to purchase for cash all of its outstanding $450 million 144A Reg S 9.75% trust certificates due November 2028.
Established in 2008, Ittihad operates a diversified portfolio across non-real estate and non-oil and gas sectors in the Middle East.
