IslamicFinance.de

Drake & Scull International (DSI) announced it has mandated five banks for an issue of perpetual USD sukuk, subject to market conditions. Emirates NBD Capital and HSBC have been mandated as joint global coordinators, and Al Hilal Bank, Emirates NBD Capital, HSBC and Standard Chartered Bank as joint lead managers to arrange a series of fixed income investor meetings in the Middle East and Europe commencing on 4 June, 2015. DSI reported $302m (AED1.11bn) in revenues and $7.6m (AED27.8m) in net profit in Q1 2015. DSI's order backlog closed at $375m (AED13.8bn) as of March 31, 2015.

Drake & Scull International PJSC (“DSI”) announced the issuance of a US$ 120 million unrated senior unsecured 5-year certificates by way of private placement. The Sukuk will be due on the 12th November 2019 and redeemed fully at maturity. DSI mandated Emirates NBD Capital Ltd. and Mashreqbank PJSC as Joint Coordinators on the deal while also acting as Joint Lead Managers with Al Hilal Bank PJSC and Noor Bank PJSC. The 5-year Sukuk structured under the Sharia principle of Murabaha, represents the first Sukuk based on Murabaha trades of Sharia-compliant certificates on the NASDAQ Dubai Murabaha Platform. The proceeds of the transaction will be mainly used to capitalize DSI's business.