{"id":100293,"date":"2025-02-03T00:00:00","date_gmt":"2025-02-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/aldar-issues-usd-500-mn-hybrid-notes-to-apollo\/"},"modified":"2025-02-03T00:00:00","modified_gmt":"2025-02-03T00:00:00","slug":"aldar-issues-usd-500-mn-hybrid-notes-to-apollo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/03\/aldar-issues-usd-500-mn-hybrid-notes-to-apollo\/","title":{"rendered":"Aldar issues USD 500 mn hybrid notes to Apollo"},"content":{"rendered":"

Apollo invests USD 500 mn in Aldar:<\/strong> State-owned Aldar Properties issued USD 500 mn in subordinated hybrid notes to US-based Apollo Global Management, marking one of the region\u2019s largest corporate hybrid private placements, according to a press release (pdf)<\/a>. <\/p>\n

The details: <\/strong>The hybrid notes carry a non-call period of 10.25 years and share characteristics with Aldar\u2019s <\/span>recent USD 1 bn public issuance<\/a>, the company said. Moody\u2019s expects to rate the notes Baa3 with 50% equity credit, one notch below Aldar\u2019s Baa2 rating, with a stable outlook.<\/span><\/p>\n

Apollo has been an investor in Aldar for a while:<\/strong> The notes replace a previous land joint venture (JV) that was part of Apollo\u2019s initial USD 1.4 bn investment in Aldar in 2022. This investment also included a USD 400 mn acquisition in August 2022 for an 11.1% minority stake in Aldar Investment Properties.<\/p>\n

Aldar has been busy: <\/strong>Last month, Aldar Properties issued<\/a> USD 1 bn Reg S hybrid capital notes \u2014 the largest conventional hybrid issuance in the Middle East \u2014 and closed<\/a> an AED 9 bn sustainability-linked revolving credit facility last month \u2014 the largest syndicated loan of its kind secured by a real estate firm in the region. Over the past two years, it also sold about USD 1 bn<\/a> in green sukuk.<\/p>\n

ADVISORS- <\/strong>Citi acted as Aldar's structuring and rating advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The notes replace a previous land joint venture from Apollo\u2019s USD 1.4 bn investment<\/p>\n","protected":false},"author":1,"featured_media":100294,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[97,1391,68,7,1342,25],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-aldar-properties","tag-debt","tag-debt-watch","tag-enterpriseam-uae","tag-investment","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"abc07990-69d6-43a2-a3c9-41f650f00016","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/123.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aldar issues USD 500 mn hybrid notes to Apollo","related_issue":[100279],"teaser":"The notes replace a previous land joint venture from Apollo\u2019s USD 1.4 bn investment","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.8c32d362-764c-43c8-b22e-490b6663ede4.mp3"},"yoast_head":"\nAldar issues USD 500 mn hybrid notes to Apollo - 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