Page 146 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/16/24, 2:23 PM Sobha Realty Complete USD 230 Mn Sukuk Tap, taking total Sukuk Holdings to USD 500 Mn

Sobha Realty Complete USD 230 Mn Sukuk Tap, taking total
Sukuk Holdings to USD 500 Mn

Sep 15, 2024 (MENAFN via COMTEX) --

(MENAFN - Orient Planet Group) Dubai, September 12, 2024 - Sobha Realty, a leading global luxury real estate developer,
announces the successful execution of a strategic tap into its existing sukuk on Tuesday, September 10, 2024. This latest
tap is an extension of the Developer's inaugural sukuk issuance of USD 300 million, which took place in July 2023 and
currently has an outstanding balance of USD 270 million. This sukuk was listed on both the London Stock Exchange (LSE)
and NASDAQ Dubai.
With the completion of this tap, Sobha Realty's total sukuk issuance now reaches a benchmark size of USD 500 million.
The tap adheres to the existing sukuk terms, preserving the favorable conditions and ensuring continued stability for the
company's valued investors.
The significant interest in Sobha Realty's sukuk led to a notable price tightening of 95 basis points, highlighting strong
demand from both regional and international investors. Approximately 25% of the interest comes from global sources,
reflecting strong confidence in Sobha Realty's financial instruments.
Sobha Realty appointed Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital,
Sharjah Islamic Bank, and Standard Chartered Bank as Joint Global Coordinators, Joint Lead Managers, and Bookrunners
for this transaction. Their expertise and commitment have been instrumental to its success.
The company also acknowledges Clifford Chance and Dentons for their exceptional legal counsel, which provided critical
guidance throughout the transaction. Additionally, Grant Thornton's role as auditors was pivotal in ensuring the integrity and
transparency of the process.
This announcement follows recent upgrades from leading credit rating agencies. Standard & Poor's has upgraded our rating
from BB-/Positive to BB/Stable, while Moody's has upgraded our sukuk rating from Ba3/stable to Ba2/stable. These
upgrades reflect our strong financial results, including substantial EBITDA growth, a larger revenue backlog, and improved
EBITDA margins.

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