Aldar Properties’ Al Raha Beach East Master Plan receives approval from UPC.

Aldar gains as developer retires $1.25 billion bond

: Wednesday, June 04 - 2014 @ 17:36

In Abu Dhabi, the local stock market index (ADXGI) fell by 0.90 per cent to 5,018.96 points on Wednesday, June 4. Insurance firm Watania dived seven per cent to reach AED0.93.

Aldar Properties gained 0.70 per cent, finishing at AED4.30. Earlier in the day, the first developer in Abu Dhabi revealed that it repaid a S$1.25 billion bond that matured at the end of May 2014, as the company pushes ahead with a strategy to deleverage, reduce its cost of borrowing and build a strong platform for growth. The bond carried an annual interest cost of 10.75 per cent and it was repaid using cash and by drawing down on committed liquidity facilities that carry an annual interest cost of 1.7 per cent. Aldar has now successfully refinanced and agreed on new terms on all of its financing facilities since the merger and has achieved significant interest savings. Aldar’s weighted average cost of debt has reduced from 5.8 per cent to 2.8 percent.

Gérard Al-Fil

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Wednesday, June 4- 2014 @ 17:36 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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