DIP postpones issue due to alternative funding options
DIP cites availability of more attractive funding alternatives
Dubai: Dubai Investments Park (DIP) has postponed its planned sukuk issue, citing the availability of more attractive funding alternatives, according to a statement issued by one of the banks leading the deal.
The park mandated five joint lead managers, including Citi and HSBC, for a series of investor meetings ahead of a planned five year U.S dollar Regulation S Sukuk, it said on January 23.
The sukuk was going to be used to refinance DIP’s outstanding notes, the statement said. The park will continue to monitor markets and plans to re-engage with investors at an appropriate time, the statement said.
DIP is a residential, commercial development, which includes a university, six schools and five operational hotels.