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Nakheel bond funds sent through paying agent
DUBAI - Nakheel has sent the funds for its $4.1 billion Islamic bond, or sukuk, to the principal paying agent and the funds have been distributed to the clearing systems, it said on Tuesday.
“The principal paying agent has advised the transaction administrator that on Dec. 14 it received (albeit well after the close of its business day) payment of the sukuk issue amount, the final distribution amount and the additional distribution amount on the scheduled redemption date,” it said.
Deutsche Bank is the transaction administrator.
Abu Dhabi stepped in with a $10 billion Dubai bailout on Monday — the same day Nakheel’s sukuk matured — and Dubai said it would use the funds to repay the bond and support its troubled conglomerate, Dubai World.
A Dubai government statement said the remaining funds would support Dubai World until the end of April.
“As of yesterday we have not received payment,” a Dubai-based bondholder told Reuters, declining to be identified.
Nakheel has a 14-day grace period for payment and said on Monday it would pay the funds within that two-week period.
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