A UAE publisher was ordered to pay Dh18.7 million to the game creator, ending a seven-year legal battle
uae1 hour ago
The bonds represented the initial component of TDIC’s $ 3 billion Global Medium Term Note, or GMTN, programme, and attracted a total order book exceeding $6 billion from approximately 300 investors. The final allocation of the issue was priced at 390 bps over the US Treasuries, according to a Press statement. The proceeds of the GMTN programme will be deployed for “general corporate funding purposes”.
TDIC is developing a number of wholly-owned projects in Abu Dhabi City including the Saadiyat Island and the nature-based Desert Islands destination in the western region.
TDIC’s bond issue pays a 6.50 per cent coupon, with a re-offer price of 99.668, yielding 6.579 per cent, equivalent to a spread of 390 bps over US Treasuries. The five-year bonds mature in July 2014 and 30 per cent of them were received by US investors and 36 per cent by European investors while 23 per cent was allocated to the Middle East and the remaining 11 per cent to Asia.
The notes were offered by a syndicate of “Arrangers and Bookrunners” comprising of BNP Paribas, Citi Bank, HSBC Bank and Standard Chartered Bank. These financial institutions together with Abu Dhabi Commercial Bank and National Bank of Abu Dhabi were mandated to act as joint lead managers. Allied Investment Partners acted as the general financial adviser to the TDIC, the statement said.
Meanwhile, Deutsche Bank, in a separate Press statement, announced its appointment as issuing and paying agent for the debut GMTN programme of TDIC.
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