The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Underwriting and investment commitments of $152.5 million have been received for the issue, which starts early January 2005 and matures after five years with an option for early redemption. The proceeds from the issue will constitute part of the financing facility for the construction of the $1 billion Durrat Al Bahrain project — currently the Kingdom's largest development project.
Bahrain-based LMC is the arranger of the issue, which has been underwritten by lead underwriter Kuwait Finance House in addition to eleven other leading participating / underwriting banks and institutions including: Dubai Islamic Bank, LMC, Bahrain Islamic Bank, Islamic Development Bank, Emirates Islamic Bank, Bank of Bahrain & Kuwait, General Organisation for Social Insurance (GOSI) Bahrain, National Bank of Sharjah and Arab Islamic Bank (Palestine).
The return on the Sukuk is 125 basis points over 3 months LIBOR payable quarterly.
Abdulhakeem Alkhayyat, general manager of KFH-Bahrain, said: "We are delighted with the response we received from banks and institutions across the region for this issue as reflected by the oversubscription. The Durrat Al Bahrain project is a unique and compelling concept, which will not only see the development of a world-class residential and leisure location in Bahrain, but will further support growth and expansion in the Bahrain economy — a key goal for the Kingdom and our Bank."
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
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