Bond issue part of debt restrucutring proposal
Ras al-Khaimah’s state-owned Rak Capital has set price guidance for a bond issue at 337.5 basis points above US treasuries.
The deal is expected to be priced on 8 December. Proceeds from the transaction will be used to finance a tender offer currently under way to buy back two existing bonds issued by Rak Capital and another state investment vehicle, Ras al-Khaimah Investment Authority.
The deal is expected to be at least $500m in size and is being led by the UK’s Royal Bank of Scotland and the US’ Citigroup.
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