Shuaa Capital eyes AED 250 mn bonds to settle debt repayments –report

Shuaa Capital is looking at raising AED 250 mn in bonds to meet senior debt obligations and settle unsecured bonds as part of a wider restructuring program, Zawya reports, citing sources. The company is reportedly eyeing a shortlist of “qualified investors,” Zawya added.

REMEMBER- Shuaa Capital fully settled AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks earlier this month. The investment bank reached an agreement with bondholders in April to stretch payment terms for approximately USD 150 mn worth of bonds after the bank’s losses deepened five-fold to AED 866 mn in 2023. The company has also placed a new management team as part of its capital optimization plan.