DAMAC Properties (DAMAC) has made a USD650mn tender offer to holders of certificates issued by Alpha Star Holding, which are due in 2019, at a 1.5% premium; The deadline for the offer will be on 7 April. We note that the company had reportedly set a road show from 4 April, to promote the issuance of a new five year, fixed rate senior unsecured benchmark sukuk offering, with a target to complete it before the end of 1H17.
DAMAC Properties (DU): AED2.82 as of 30 Mar. 2017, Rating: Neutral, TP: AED2.63/share, MCap: USD4,649mn, DAMAC UH/DAMAC.DU