Emirates REIT opts for private sukuk for refi; likely with private credit fund
Top highlights of the week driven by REDD's recognised team of journalists and analysts.
Highlights of the week:
REDD CEEMEA: Emirates REIT opts for private sukuk for refi; likely with private credit fund
Merle Crichton from the REDD CEEMEA team broke a scoop on Emirate REIT’s refinancing plans this week, unveiling a likely private credit connection. The UAE’s largest shariah-compliant real estate investment trust plans to fully repay and refinance its outstanding sukuk in 1Q25. The update follows on from REDD’s earlier exclusive coverage of the situation.
REDD ASIA
Southeast Asia: Modernland plans 2025 bond exchange, consent solicitation for 2025 and 2027 notes
REDD Intelligence was first to break the news on 4 November that distressed Indonesian developer Modernland Realty obtained a USD 60m loan from two lenders, with proceeds slated to help buy back its restructured USD notes (https://app.reddintelligence.com/home/news/191072).
This was confirmed by the company’s announcement on the SGX that evening, where Modernland announced its intention to conduct an exchange offer and a consent solicitation exercise (https://app.reddintelligence.com/home/news/191105).
India: SC Lowy lends INR 1.5bn to Century Real Estate arm as part of INR 2.5bn facility
REDD Intelligence produced an exclusive on SC Lowy lending INR 1.5bn (USD 17.8m) to a Century Real Estate arm as part of an INR 2.5bn (USD 29.6m) facility (https://app.reddintelligence.com/home/news/news191483). This was a scoop with even existing lenders to the Century Group unaware of the transaction until we published the news. The latest is yet another example of our market-leading private credit coverage in India.
Australia: InfraBuild to host investor call, will delay publishing FY24 financial statements
We reported that Australian steel manufacturer InfraBuild Australia would delay publishing its FY24 financial statements would host an investor call to discuss the development. This comes of the back of a recent downgrade of the company's IDR to CCC by Fitch, with its USD 550m bond trading at around 15% yields. While it is a privately placed unlisted bond, there is sufficient trading activity in the name and a lot of subscribers who look at APAC are familiar with the credit given the yields (https://app.reddintelligence.com/home/news/news191263).
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