Emirates REIT launches new consent solicitation to refinance sukuk following agreement with sukuk holder groups

Emirates REIT launches new consent solicitation to refinance sukuk following agreement with sukuk holder groups

- New consent solicitation proposed to all Certificateholders following agreement with various groups of debt holders

- Successful closing of proposed refinancing will provide Certificateholders with enhanced economics and comprehensive collateral package

Dubai: – Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today announced that it has launched a new consent solicitation (the “Consent Solicitation”) process to exchange its unsecured U.S. $400 million certificates, maturing on 12 December, 2022 (the “Certificates”), with new secured certificates (the “New Secured Certificates”).

Emirates REIT has received support for the Consent Solicitation from an ad hoc group of eligible Certificateholders comprised of institutional investors (the “Ad Hoc Group”). The Ad Hoc Group has stated that Certificateholders having confirmed their support to date hold more than 30% of the currently outstanding principal amount of the Certificates.

The proposed terms for the New Secured Certificates include:

- Exchange of each U.S.$1,000 in face amount of Certificates for U.S.$950 in face amount of New Secured Certificates and U.S.$50 in cash

- Profit rate of 9.5% per annum with a ratcheted structure to incentivise the REIT to redeem the New Secured Certificates in full prior to the 2024 maturity

- Collateral to be granted to New Secured Certificates with assets providing coverage of at