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: June 22, 2018
Bain & Company's spring luxury update highlights four trends shaping the personal luxury goods market in 2018 and beyond.
date:Posted: June 21, 2018
INTERNATIONAL. Private sector can be an important partner in meeting US$320 billion in oil and gas investment, Crescent Petroleum CEO tells OPEC seminar.
date:Posted: June 18, 2018
UAE. 24% of Middle Eastern entrepreneurs are motivated by social impact and view it as their top priority as a business owner; 66% are undertaking angel investing.
dhgate