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United Real Estate completes final repayment of $100mln sukuk

Posted on 18 July 2012

United Real Estate Company (URC), one of the region’s leading real estate companies, has announced that on July 9th, it received a confirmation from Citi, its delegate agent, confirming that URC has made the final repayment to complete its $100m sukuk obligations in full and that Citi no longer has any holdings for the issued securities.
The sukuk was issued on 13 June 2007 with a return of LIBOR +1.5 percent, repayable in five annual installments, each of which URC repaid on time, in line with the original agreement. (Press Release)

 
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