Aabar seeks to raise US$1 billion from bonds exchangeable into Daimler stock
Source: BI-ME with Bloomberg , Author: Posted by BI-Me staff
Posted: Tue May 24, 2011 1:56 pm

UAE. Aabar Investments PJSC, an investment unit of the Abu Dhabi government, said it plans to raise 750 million euros (US$1 billion) in a sale of bonds exchangeable for shares of Daimler AG. (DAI)

The five-year notes will pay a coupon of 3.5% to 4% and can be handed over for stock in the Stuttgart, Germany-based carmaker when the shares rise 30% from the current market price, Aabar said in a statement today. The issuer has retained the option of settling the securities in cash, it said,

“Aabar is taking advantage of the current market conditions and the attractive financing the equity-linked market currently offers,” the Abu Dhabi-based company said.

Partnerships with Daimler in Tesla Motors Inc. (TSLA) and in motor racing are unaffected by the transaction, it said.

The deal is being managed by Bank of America Merrill Lynch, Deutsche Bank AG and Morgan Stanley, according to the statement.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
date:Posted: September 1, 2014
INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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