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: December 19, 2014
UAE. As a gateway of opportunity for Asia, Dubai has a key role in driving growth momentum; Between 2010 and 2013, GCC-China trade grew faster than with any other significant trade partner.
date:Posted: December 18, 2014
INTERNATIONAL. A new analysis presents the key trends that will transform the global market over the next decade and beyond.
date:Posted: December 18, 2014
UAE. International tourism and a stronger middle class are shaping luxury trends, including luxury experiences and alternative luxury channels, with a focus on the consumer rather than geography.
dhgate