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Nakheel issues $33m sukuk as part of deal.

Summary: DUBAI -Nakheel on Monday issued an Islamic bond worth Dh121 million ($32.94 million) on Monday, the third tranche of a sukuk that forms part of the developer's billion-dollar restructuring plan.

DUBAI -Nakheel on Monday issued an Islamic bond worth Dh121 million ($32.94 million) on Monday, the third tranche of a sukuk that forms part of the developer's billion-dollar restructuring plan.

The bond will go towards part settlement of trade creditor claims against the company worth around Dh5.3 billion. This tranche takes the total amount of sukuk issued to Dh4.15 billion, Nakheel said in an emailed statement.

The first tranche was issued in August 2011, part of the company's $16 billion restructuring plan. The developer said apart from the sukuk and related profit payments it has also paid around Dh10 billion to various trade creditors and contractors since November 2009.

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Date:Jan 7, 2013
Words:159
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