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: July 21, 2017
UAE. Countries ranked on Enterprise, Government, People and Civil Society capabilities; UAE most prepared among other countries in MENA.
date:Posted: July 20, 2017
LEBANON: "The overall decline in the level of household sentiment in the second quarter of 2017 was due to consumers' widespread disappointment by the misplaced priorities of the government."
date:Posted: July 19, 2017
INTERNATIONAL. "Far from being a sign of intellectual inferiority, the capacity to err is crucial to human cognition." Ironically, if we want to 'get it right' we are going to have to get it wrong.
dhgate