
Binghatti Holding, a developer of mainstream and high end properties in Dubai, added $200m to its $300m 9.625% February 2027 senior unsecured sukuk that it sold in February.
The tap launched at a cash price of 101.25, with books for the deal over $365m. It priced at that number on Tuesday afternoon.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC and Mashreqbank coordinated the Reg S deal, with National Bank of Ras Al-Khaimah and Sharjah Islamic Bank acting as bookrunners. The original deal was placed by the same group of banks in February.
Binghatti is rated B+ by Fitch. Earlier in the week, when the deal was announced, a banker on the trade had said the company was looking for a “$150m plus” deal.
The original note has traded well since pricing. It started the week at 103 but had fell to around 102.5 when the tap was offered. It was issued at par. The funds raised will be used for general corporate purposes.
Binghatti’s assets at the end of 2023 amounted to $1.1bn.
According to Fitch, Binghatti specialises in the mid to high-value residential segment, building towers in central districts of Dubai or outer areas that are expanding. Although traditionally focused on the mid-market, Binghatti is expanding into the high-end luxury market, and has recently launched co-branded residences with car maker Bugatti and watch company Jacob & Co.