Gems Education prices debut sukuk
Dubai, November 12, 2013
Gems Education, a Dubai-based schools operator, has set initial pricing thoughts of an 11.75-12.00 percent profit rate for its planned debut sale of hybrid Islamic bonds, according to a document from lead arrangers.
The company, which employs about 11,000 staff and operates around 100 private schools across the Gulf region, has hired Morgan Stanley, Credit Suisse and Abu Dhabi Islamic Bank (ADIB) to arrange the sale.
The sukuk sale will use a mudaraba structure - a common Islamic financing method -- and will be callable after five years, the document showed. No details on the planned size of the offering was provided. - Reuters